A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800 A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal.July 1 Smith, the owner, contributed $13,300 cash to the company.July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terma n/20.July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30.July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash.July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase.July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30.July 30 Borrowed $9,800 cash in exchange for a note payable to a bank.DateJuly 01July 06July 08July 23July 25July 27July 30Account CreditedSmith, CapitalGarciaJonesCash Debit13,300CASH RECEIPTS JOURNALAccountsSalesDiscountDebitReceivableCredit2,030SalesCreditOtherAccountsCreditCost of GoodsSold DebitInventory Credit1,800

The cash receipts journal is prepared to record all the cash receipts transactions of the business.…

Answered: A company reported the following…

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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A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800

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