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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 $3,000 of merchandise on credit from Hart Co., terms n/20. | ||
7 | The company sold merchandise costing $792 on credit to J. Than for $870, subject to a $17 sales discount if paid by the end of the month. | |||
9 | The company borrowed $2,975 cash by signing a note payable to the bank. | |||
13 | J. Ali, the owner, contributed $4,275 cash to the company. | |||
18 | The company sold merchandise costing $126 to B. Cox for $224 cash. | |||
22 | The company paid Hart Co. $3,000 cash for the merchandise purchased on November 3. | |||
27 | The company received $853 cash from J. Than in payment of the November 7 purchase. | |||
30 | The company paid salaries of $1,500 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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