Journalise the May transactions that should be recorded in the sale journal assuming the perpetual inventory system is used.

Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 2 Sold merchandise costing $260 to B. Facer for $390 cash, invoice no. 5703 5 Purchased $2,800 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $702 to J. Dryer for $1,018, terms 1/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank 12 Sold merchandise costing $176 to R. Lamb for $282, terms n/30, invoice no. 5705 16 Received $1,008 cash from J. Dryer to pay for the purchase of May 7 19 Sold used store equipment for $900 cash to Golf, Inc. 25 Sold merchandise costing $310 to T. Taylor for $487, terms n/30, invoice no. 5706. Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used SALES JOURNAL Accounts Cost of Goods Date Account Debited Invoice Number Receivable Dr. Sold Dr. Sales Cr Inventory Cr ay 07 May 12 May 25 May 16 5704 705 706 1,018 282 487 282 702 176 310 176