Question
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
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 $4,100 of merchandise on credit from Hart Co., terms n/20. | |
7 | The company sold merchandise costing $1,082 on credit to J. Than for $1,189, subject to a $24 sales discount if paid by the end of the month. | |
9 | The company borrowed $3,425 cash by signing a note payable to the bank. | |
13 | J. Ali, the owner, contributed $4,725 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 J. Than in payment of the November 7 purchase. | |
30 | The company paid salaries of $2,050 in cash. |
Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. |
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