Exercise E-3 Cash receipts journal-perpetual LO P1 Ali Co. uses a sales jounal, a purchases journal, a cash receipts jourmal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November Nov. 3 The company purchased $4,700 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $1,240 on credit to J. Than for $1,363, subject to a $27 sales discount if paid by the end of the month. 9 The company borrowed $2,925 cash by signing a note payable to the bank 13 J. Ali, the owner, contributed $4,225 cash to the company in exchange for common stock. 18 The company sold merchandise costing $197 to B. 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. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. CASH RECEIPTS JOURNAL Other Cost of Goods Accounts Cr. Sold Dr Accounts Account Cash Dr. Dr Credited Sales Discount Dr. Receivable. ble. Sales Cr. Accounts Cr. Inventory Cr Date Cr Cr