Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 50

Refer to Exercise 7-1 and for each of the May transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated in this chapter.
Reference: Exercise 7-1
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 $300 to B. Facer for $450 cash, Invoice No. 5703.
5 Purchased $2,400 of merchandise on credit from Marchant Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, Invoice No. 5704.
8 Borrowed $9,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, Invoice No. 5705.
16 Received $1,225 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 $500 to T. Taylor for $750, terms n/30, Invoice No. 5706.
Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the May transactions that should be recorded in this sales journal.