Define a perpetual inventory system
| 1)
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. |
| Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. |
2)
| Ali Co. 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 November. |
| Nov. 3 | The company purchased $3,000 of merchandise on credit from Hart Co., terms n/20. | |
| 7 | The company sold merchandise costing $792 on credit to J. Than for $870, subject to an $17 sales discount if paid by the end of the month. | |
| 9 | The company borrowed $3,225 cash by signing a note payable to the bank. | |
| 13 | J. Ali, the owner, contributed $4,525 cash to the company. | |
| 18 | The company sold merchandise costing $126 to B. Cox for $224 cash. | |
| 22 | The company paid Hart Co. $3,000 cash for the merchandise purchased on November 3. | |
| 27 | The company received $853 cash from J. Than in payment of the November 7 purchase. | |
| 30 | The company paid salaries of $1,500 in cash. |
| Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. |
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