StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020:Sept. 3Purchased merchandise on credit for $6,200 from Pacer Co. 7Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9Borrowed $5,500 by giving a note to the bank. 13The owner, Dale Trent, invested an additional $7,000 cash into the business. 18Sold merchandise to B. Baird for $460 cash. Cost, $280. 22Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27Received $1,764 from J. Namal in payment of the September 7 purchase. 30Paid salaries of $3,200.Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached below for reference: STICKUPS COMPANYCash Receipts JournalCOGS Dr.SalesDiscount Dr.AccountsOther AccountsDateAccounts CreditedCash Dr.Sales Cr.MerchandiseReceivable Cr.Cr.Inventory Cr.Sept. 03Totals

Name: StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Rec
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Description: StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020:Sept. 3Purchased merchandise on credit fo

A cash receipts journal is a type of accounting journal that is used in an accounting system to…

Answered: 9 Borrowed $5,500 by giving a note to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020:

Sept.	3	Purchased merchandise on credit for $6,200 from Pacer Co.
	7	Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000.
	9	Borrowed $5,500 by giving a note to the bank.
	13	The owner, Dale Trent, invested an additional $7,000 cash into the business.
	18	Sold merchandise to B. Baird for $460 cash. Cost, $280.
	22	Paid Pacer Co. $6,200 for the merchandise purchased on September 3.
	27	Received $1,764 from J. Namal in payment of the September 7 purchase.
	30	Paid salaries of $3,200.

Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order)

Image attached below for reference:

STICKUPS COMPANY
Cash Receipts Journal
COGS Dr.
Sales
Discount Dr.
Accounts
Other Accounts
Date
Accounts Credited
Cash Dr.
Sales Cr.
Merchandise
Receivable Cr.
Cr.
Inventory Cr.
Sept. 03
Totals

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