Exercise 7-3 Cash receipts journal LO P2 Nov. All 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. 3 The company purchased $4,700 of merchandise on credit from Hart Co., term n/20. 7 The company sold merchandise coating $1,240 to J. Than for $1,363 on credit, subject to a $27 sales discount it paid by the end of the month. 9 The company borrowed $2,625 cash by signing a note payable to the bank. 13 J. All, the owner, contributed $3,925 cash to the company. 18 The company told merchandise costing $197 to D. Cox for $351 cash. 22 The company paid Hart Co. $4,700 cash for the merchandise purchased on November 3. 27 The company received $1,336 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $2,350 in cash. Date Account Credited Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. Notes payable J. Ali, Capital CASH RECEIPTS JOURNAL Accounts Cash Dr. Sales Receivablo, Sales Cr. Discount Dr. Cr. 2,625 3,925 351 351 1.336 27 1,363 Nov. 09 Nov. 13 Nov. 18 Nov. 27 2,625 3,925 197