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 $400 to B. Facer for $600 cash, invoice no. 5703.5 Purchased $2,450 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,080 to J. Dryer for $1,566, terms 2/10, n/30, invoice no. 5704.8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $270 to R. Lamb for $432, terms n/30, invoice no. 5705.16 Received $1,535 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 $450 to T. Taylor for $707, terms n/30, invoice no. 5706. Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is the definition of competent to stand trial?
Answers (1)
A weekly payroll check was issued to an hourly employee based on 98 hours worked instead of 38 hours. The time card was slightly illegible and the number looks somewhat like 98.
Answers (1)
A company that is located in the U. S. and sells its product to customers in Mexico is participating in what? A. Demographics B. News media C. The global marketplace D. Web marketing
Answers (1)
What percentage of the data values falls between the values of 27 and 45 in the data set shown? 25% 50% 75% 100%
Answers (1)
Recommend ways in which business can contribute time and effort to advance the well being of others in business context in the following aspects.
Answers (1)
New Questions in Business
A mutual fund had NAV per share of $19.00 on January 1, 2016. On December 31 of the same year, the fund's NAV was $19.14. Income distributions were $0.57, and the fund had capital gain distributions of $1.12.
Answers (1)
What is meant by assessment? a. Activities that occur between two or more businesses. b. Provides services for connecting network resources across network domains. c. Documenting rules, procedures, and guidelines to be tested against a system. d.
Answers (2)
One financial institution is offering a 1% interest rate on savings accounts while another institution is offering a 2% interest rate on savings accounts. Out of the two financial institutions, which offer would the bank probably be offering
Answers (1)
Gault Corporation had the following shares of stock outstanding on December 31, 2018: Common stock, $50 par value, 200,000 shares outstanding Preferred stock, 8 percent, $100 par value, cumulative, 20,000 shares outstanding Dividends were in arrears
Answers (1)
An economy begins in long-run equilibrium, and then a change in government regulations allows banks to start paying interest on check - ing accounts.
Answers (1)