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. 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 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

Financial Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0471730513, 978-0471730514

More Books

Students also viewed these Accounting questions

Question

c. What steps can you take to help eliminate the stress?

Answered: 1 week ago