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. Nov. 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

 

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. Nov. 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 $3,275 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,575 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. CASH RECEIPTS JOURNAL Accounts Cost of Goods Date Account Credited Cash Dr. Sales Discount Dr. Receivable. Sales Cr. Cr. Other Accounts Cr. Sold Dr. Inventory Cr.