Exercise 7-3 Cash receipts journal-perpetual LO P1 Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November. Nov. 3. The company purchased $4,900 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $1,293 on credit to ]. Than for $1,421, subject to a $28 sales discount if paid by the end of the month. 9 The company borrowed $2,550 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $3,850 cash to the company. 18 The company sold merchandise costing $206 to B. Cox for $367 cash. 22 The company paid Hart Co. $4,900 cash for the merchandise purchased on November 3. 27 The company received $1,393 cash from 3. Than in payment of the November 7 purchase. 30 The company paid salaries of $2,450 in cash. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used Account Credited CASH RECEIPTS JOURNAL Sales Accounts Receivable. Sales Cr. Other Discount Dr. Cr. Accounts Cr. Date Cash Dr. Cost of Goods Sold Dr. Inventory Cr