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PLEASE ANSWER AS SOON AS POSSIBLE! Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a
PLEASE ANSWER AS SOON AS POSSIBLE!
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. 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 J. Than for $1,421, subject to a $28 sales discount if paid by the end of the month. 9 The company borrowed $3,100 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,400 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 J. Than in payment of the November 7 purchase. 30 The company paid salaries of $2,450 in cash. Nov. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. CASH RECEIPTS JOURNAL Accounts Receivable. Sales Cr. Cr. Cost of Goods Sold Dr. Account Credited Sales Discount Dr. Other Accounts Cr. Date Cash Dr. Inventory Cr. Nov. 03 Nov. 07 Nov. 09 Nov. 13 Nov. 18 Nov. 22 Nov. 27Step by Step Solution
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