Milner Co. uses special journals and a general journal. The following transactions occurred during May 2017.

May 1 M. Milner invested $48,000 cash in the business in exchange for common stock.

2 Sold merchandise to A. Belton for $6,340 cash. The cost of the merchandise sold was $4,200.

3 Purchased merchandise for $7,200 from E. Stein using check no. 101.

14 Paid salary to M. Hunt $700 by issuing check no. 102.

16 Sold merchandise on account to S. Spies for $900, terms n/30. The cost of the merchandise sold was $630.

22 A check of $9,000 is received from N. Feeney in full for invoice 101; no discount given.

Instructions

(a) Prepare a multi-column cash receipts journal (see Illustration J-8) and a multi- column cash payments journal (see Illustration J-15). (Use page 1 for each journal.)

(b) Record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.