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 $4,100 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $1,082 to J. Than for $1,189 on credit, subject to a $24 sales discount if paid by the end of the month. 9 The company borrowed $3,200 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,500 cash to the company. 18 The company sold merchandise costing $172 to B. Cox for $306 cash. 22 The company paid Hart Co. $4,100 cash for the merchandise purchased on November 3. 27 The company received $1,165 cash from ). Than in payment of the November 7 purchase. 30 The company paid salaries of $2,050 in cash. CASH RECEIPTS JOURNAL Sales Accounts Discount Receivable Sales Cr Dr. Cr Date Account Credited Cash Dr Other Accounts Cr Cost of Goods Sold Dr. Inventory Cr. Nov. 09 Nov. 13 Nov. 18 Nov. 27 Notes payable Ali, Capital Sales J. Than