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…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 4CE: Enter the following transactions in a cash payments journal like the one illustrated in the chapter:...

See similar textbooks

Related questions

Question

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

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions