Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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

image text in transcribed 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 3 The company purchased $3,200 of merchandise on credit from Hart Company, terms n/20. November 7 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 The company borrowed $3,750 cash by signing a note payable to the bank. November 13J. Ali, the owner, contributed $5,000 cash to the company. November 18 The company sold merchandise costing $250 to B. Cox for $330cash. November 22 The company paid Hart Company $3,200 cash for the merchandise purchased on November 3 . November 27 The company received $980 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,650 in cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

9781266566899

Students also viewed these Accounting questions