Exercise 7-3 (Algo) Cash receipts journal LO P2 All 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 $2,500 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $660 to 3. Than for $725 on credit, subject to a $15 sales discount if paid by the end of the month. November 9 The company borrowed $3,250 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $4,550 cash to the company. November 18 The company sold merchandise costing $105 to B. Cox for $187 cash. November 22 The company paid Hart Company $2,500 cash for the merchandise purchased on November 3. November 27 The company received $710 cash from 3. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,250 in cash. CASH RECEIPTS JOURNAL Cost of Goods Date Account Credited Cash Debit Sales Accounts Discount Receivable Debit Credit Sales Credit Other Accounts Credit Sold Debit Inventory Credit