Journalize the may transactions that should be recorded

Assignment Help Accounting Basics

Reference no: EM132599177

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 $370 to B. Facer for $555 cash, invoice no. 5703.
5 Purchased $2,300 of merchandise on credit from Marchant Corp.
7 Sold merchandise costing $999 to J. Dryer for $1,449, terms 1/10, n/30, invoice no. 5704.
8 Borrowed $8,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $250 to R. Lamb for $400, terms n/30, invoice no. 5705.
16 Received $1,435 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 $420 to T. Taylor for $659, terms n/30, invoice no. 5706.

Question 1: Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used.

Reference no: EM132599177

Questions Cloud

What is the total relevant unit manufacturing cost : Fixed capacity cost is 60% of applied factory overhead, and is not affected by a make or buy; what is the total relevant unit manufacturing cost

Journalize the april transactions that should be recorded : Journalize the April transactions that should be recorded in the cash disbursements journal assuming the perpetual inventory system is used.

Journalize the november transactions that should be recorded : Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used.

What is the accrual profit for the period : Made credit sales of $650,000 (cost of goods sold was $550,000). Paid $30,000 of the accounts payable balance. What is the accrual profit for the period

Journalize the may transactions that should be recorded : Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. Sold merchandise costing $370

What questions would you ask of the union supporter : Suppose a coworker just brought you a union leaflet urging employees to sign an authorization card. What questions would you ask of the union supporter?

Security awareness and security policy implementation : What would you do if you needed to develop a user training program on security awareness and security policy implementation?

Reflective report in leadership style : Reflective report in leadership style - how these concepts and theories of leadership can be applied in your own field/area. The following example illustrate

What are the advantages of using salary bands : Consider what you learned in the experience and respond to the following in a minimum of 175 words: What are the advantages and disadvantages of using salary.

User Account

All Pages