Exercise 7-3 Cash receipts journal LO P2 Ali Co. 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. Nov. 3 The company purchased $2,300 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $607 to J. Than for $667 on credit, subject to a $13 sales discount if paid by the end of the month. 9 The company borrowed $3,450 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,750 cash to the company. 18 The company sold merchandise costing $97 to B. Cox for $173 cash. 22 The company paid Hart Co. $2,300 cash for the merchandise purchased on November 3. 27 The company received $654 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,150 in cash. Date Account Credited Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. Notes payable J. Ali, Capital Nov. 09 Nov. 13 Nov. 18 Nov. 27 CASH RECEIPTS JOURNAL Accounts Sales Cash Dr. Receivable. Sales Cr. Discount Dr. Cr. 3,450 4,750 1731 654 J. Than