Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 7-1 sales journal-perpetual lo p1 finer c

Exercise 7-1 Sales Journal-perpetual LO P1 Finer Company uses a sales journal, a purchases journal,...

70.2K

Verified Solution

Question

Accounting

image

Exercise 7-1 Sales Journal-perpetual LO P1 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 $2,488 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $8ee to ]. Dryer for $1,25e, terms 2/10, n/30, invoice no. 57e4. 8 Borrowed $9,eee cash by signing a note payable to the bank. 12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, invoice no. 5785. 16 Received $1,225 cash from ). Dryer to pay for the purchase of May 7. 19 Sold used store equipment for $980 cash to Golf, Inc. 25 sold merchandise costing $5ee to T. Taylor for $750, terms n/30, invoice no. 5786 Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. 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

Physics
1.2K views

5 Calculate value of spherical harmonics for 1 2 and m 0 and report the...

Finance
1.2K views

Ackerman Co. has 10 percent coupon bonds on the market with nine years left to maturity....

Accounting
1.2K views

Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare a...

Physics
1.2K views

a) In a proton at one certain moment, the down quark has a strong color charge...

General Management
1.2K views

Which classical theories of organization do you relate to the most? Why? Plese provide a rference

Advance Math
1.2K views

11. (6 Pts.) Show that if we split any 11 numbers in 5 sets, then there...

Biology
1.2K views

Some traits are found only on the X chromo some This is known as 1...

Physics
1.2K views

During adiabatic expansion of 2 moles of a gas the change in internal energy was...

Geometry
1.2K views

Line segment m has a length of 5 What is its length after each dilation...

Algebra
1.2K views

Solve the following proportion for u 11 8 Round your answer to the nearest tenth...

Accounting
1.2K views

In santa fe case study 3 under input data and the allocation of...

Accounting
1.2K views

Spartan Systems reported total sales of $440,000, at a price of $25 and per unit...