Refer to Exercise and for each of the May transactions
Refer to Exercise 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.
In Exercise
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 2y10, ny30, 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 ny30, 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 ny30, Invoice No. 5706.
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