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Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completic Retu Exercise 7-1 Sales journal-perpetual LO P1 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 $260 to B. Facer for $390 cash, invoice no. 5703. 5 Purchased $2,250 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $702 to 3. Dryer for $1,018, terms 2/10, n/30, invoice no. 5784. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $176 to R. Lamb for $282, terms n/30, invoice no. 5705. 16 Received $998 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 $310 to T. Taylor for $487, 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. Answer is not complete. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Co Cost of Goods Sold Dr. Inventory

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