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.

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

Section: Chapter Questions

Problem 1Q

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The options for the blue shaded discerption tabs are: Accounts payable, accounts receivable, cash, cost of goods sold, inventory, sales revenue, sales returns and allowances, sales discounts.
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