Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ali Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded
Ali Company 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.
November The company purchased $ of merchandise on credit from Hart Company, terms
November The company sold merchandise costing $ to J Than for $ on credit, subject to a $ sales discount if paid by the end of the month.
November The company borrowed $ cash by signing a note payable to the bank.
November J Ali, the owner, contributed $ cash to the company.
November The company sold merchandise costing $ to B Cox for $ cash.
November The company paid Hart Company $ cash for the merchandise purchased on November
November The company received $ cash from J Than in payment of the November purchase.
November The company paid salaries of $ in cash.
tableCASH RECEIPTS JOURNALDateAccount Credited,tableCashDebittableSalesDiscountDebittableAccountsReceivableCredittableSalesCredittableOtherAccountsCredittableCost of GoodsSold DebitInventoryCredit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started