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 2 Sold merchandise costing $390 to B. Facer for $585 cash, invoice no. 5703.
5 Purchased $2,850 of merchandise on credit from Marchant Corp.
7 Sold merchandise costing $1,053 to J. Dryer for $1,527, 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 $263 to R. Lamb for $421, terms n/30, invoice no. 5705.
16 Received $1,496 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 $440 to T. Taylor for $691, 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.