Exercise 7-3 (Algo) Cash receipts journal LO P2 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 $3,100 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $818 to 3. Than for $899 on credit, subject to a $18 sales discount if paid by the end of the month. November 9 The company borrowed $2,600 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $3,900 cash to the company. November 18 The company sold merchandise costing $130 to B. Cox for $231 cash! November 22 The company paid Hart Company $3,100 cash for the merchandise purchased on November 3. November 27 The company received $881 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,550 in cash. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit