Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ali Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the

image text in transcribed
Ali Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded.
\table[[Date,Transaction,],[November 3,Purchased $5,670 of merchandise on credit from Sanders Corporation terms n/30,],[November 7,\table[[The company sold merchandise costing $840 to J. Than for $1,000 on credit, subject to a $20 sales discount],[if paid by the end of the month.]],],[November 9,Borrowed $5,750 cash by signing a note payable to Chase Bank,],[November 13,Issued check number 231 to Davis Corporation to buy office supplies for $450,],[November 18,J. Ali, the owner, contributed $5,000 cash to the company.,],[November 22,Paid Kirkpatrik $1,740 cash for the merchandise purchased on November 3,],[November 27,Purchased $3,900 of merchandise on credit from Auto Corporation terms n/30,],[November 30,Paid salary of $4,800 to D. Gooden by issuing check number 932,]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Marshall B. Romney, Paul J. Steinbart

14th edition

134474023, 978-0134474021

More Books

Students also viewed these Accounting questions

Question

Is there administrative support?

Answered: 1 week ago