Question
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
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 The company purchased $3,600 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $950 on credit to J. Than for $1,044, subject to a $21 sales discount if paid by the end of the month. 9 The company borrowed $3,425 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,725 cash to the company. 18 The company sold merchandise costing $151 to B. Cox for $269 cash. 22 The company paid Hart Co. $3,600 cash for the merchandise purchased on November 3. 27 The company received $1,023 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,800 in cash. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used.
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