Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. 3 The company purchased $2,700 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid by the end of the month. 9 The company borrowed $3,075 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,375 cash to the company. 18 The company sold merchandise costing $113 to B. Cox for $201 cash. 22 The company paid Hart Co. $2,700 cash for the merchandise purchased on November 3. 27 The company received $767 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,350 in cash. Nov.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the
following transactions that should be recorded in the cash receipts journal.
3 The company purchased $2,700 of merchandise on credit from Hart Co., terms n/20.
7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid
by the end of the month.
9 The company borrowed $3,075 cash by signing a note payable to the bank.
13 J. Ali, the owner, contributed $4,375 cash to the company.
18 The company sold merchandise costing $113 to B. Cox for $201 cash.
22 The company paid Hart Co. $2,700 cash for the merchandise purchased on November 3.
27 The company received $767 cash from J. Than in payment of the November 7 purchase.
30 The company paid salaries of $1,350 in cash.
Nov.
CASH RECEIPTS JOURNAL
Accounts
Cost of Goods
Account
Sales
Other
Accounts Cr.
Date
Cash Dr.
Receivable. Sales Cr.
Sold Dr.
Credited
Discount Dr.
Cr.
Inventory Cr.
Transcribed Image Text:Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. 3 The company purchased $2,700 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid by the end of the month. 9 The company borrowed $3,075 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,375 cash to the company. 18 The company sold merchandise costing $113 to B. Cox for $201 cash. 22 The company paid Hart Co. $2,700 cash for the merchandise purchased on November 3. 27 The company received $767 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,350 in cash. Nov. CASH RECEIPTS JOURNAL Accounts Cost of Goods Account Sales Other Accounts Cr. Date Cash Dr. Receivable. Sales Cr. Sold Dr. Credited Discount Dr. Cr. Inventory Cr.
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