**Journalizing Transactions for Cash Receipts**Ali Co. utilizes several types of journals, including a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. The following transactions are to be recorded in the cash receipts journal:**Transactions in November:**- **Nov. 3:** The company purchased $2,400 of merchandise on credit from Hart Co., with payment terms of n/20.- **Nov. 7:** The company sold merchandise costing $633 to J. Than for $696 on credit. This sale is subject to a $14 sales discount if paid by the end of the month.- **Nov. 9:** The company borrowed $2,850 in cash by signing a note payable to the bank.- **Nov. 13:** J. Ali, the owner, contributed $4,150 cash to the company.- **Nov. 18:** The company sold merchandise costing $101 to B. Cox for $180 in cash.- **Nov. 22:** The company paid $2,400 cash to Hart Co. for the merchandise purchased on November 3.- **Nov. 27:** The company received $682 in cash from J. Than for the payment of the November 7 purchase.- **Nov. 30:** The company paid salaries totaling $1,200 in cash.**Cash Receipts Journal:**The journal features several columns to record relevant details of each transaction:- **Date:** Record the date of the transaction.- **Account Credited:** Specify which account is credited.- **Cash Dr. (Debit):** Amount of cash received.- **Sales Discount Dr. (Debit):** Any sales discounts applied.- **Accounts Receivable Cr. (Credit):** Credits to accounts receivable.- **Sales Cr. (Credit):** Credits to sales revenue.- **Other Accounts Cr. (Credit):** Any other accounts affected.- **Cost of Goods Sold Dr. / Inventory Cr.:** Record any cost of goods sold or adjustments in inventory.This layout assists in accurately recording and tracking the company's cash transactions.

Cash receipt journal only records the cash transactions of the company.

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 $2,400 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $633 to J. Than for $696 on credit, subject to a $14 sales discount if paid by the end of the month. 9 The company borrowed $2,850 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,150 cash to the company. 18 The company sold merchandise costing $101 to B. Cox for $180 cash. 22 The company paid Hart Co. $2,400 cash for the merchandise purchased on November 3. 27 The company received $682 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,200 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 $2,400 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $633 to J. Than for $696 on credit, subject to a $14 sales discount if paid by the end of the month. 9 The company borrowed $2,850 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,150 cash to the company. 18 The company sold merchandise costing $101 to B. Cox for $180 cash. 22 The company paid Hart Co. $2,400 cash for the merchandise purchased on November 3. 27 The company received $682 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,200 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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