Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1 finer company uses a sales journal, purchases jo

1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,...

50.1K

Verified Solution

Question

Accounting

image

1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 5 points 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 (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $500 to I. Taylor for $750, terms n/30, invoice no. 5706. Date SALES JOURNAL Accounts Invoice Number Receivable Dr. Sales Cr. Account Debited Cost of Goods Sold Dr. Inventory Cr

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students