Illustration 7 Give journal entries for the following transactions 2000 Jan 2 Purchased furniture for cash $3,000 5 Purchased goods for cash $4,200 10 Sold machinery for cash $6,000 15 Sold goods for cash $4,500 18 Paid to John $500 20 Received commission $400 25 Received cash from Peter $1,000 31 Paid salary $3,000 Solution