Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November.

Nov. 3 Purchased $3,200 of merchandise on credit from Hart Co., terms n 20.

7 Sold merchandise costing $840 on credit to J. Than for $1,000, subject to a $20 sales discount if paid by the end of the month.

9 Borrowed $3,750 cash by signing a note payable to the bank.

13 J. Ali, the owner, contributed $5,000 cash to the company in exchange for common stock.

18 Sold merchandise costing $250 to B. Cox for $330 cash.

22 Paid Hart Co. $3,200 cash for the merchandise purchased on November 3.

27 Received $980 cash from J. Than in payment of the November 7 purchase.

30 Paid salaries of $1,650 in cash.

Prepare headings for a cash receipts journal like the one in Exhibit E.7. Journalize the November transactions that should be recorded in the cash receipts journal.

AppendixLO1