Li Company 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. May 1 C. Li, the owner, contributed $10,200 cash to the company. 7 The company purchased $6,200 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $700 on credit to E. James for $800, terms n/10. 15 The company borrowed $4,000 cash by signing a note payable to the bank. 18 The company received $800 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $450 to B. Cox for $500 cash. Date Account Credited Cash Dr. CASH RECEIPTS JOURNAL Sales Discount Dr. Accounts Receivable. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.
Li Company 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. May 1 C. Li, the owner, contributed $10,200 cash to the company. 7 The company purchased $6,200 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $700 on credit to E. James for $800, terms n/10. 15 The company borrowed $4,000 cash by signing a note payable to the bank. 18 The company received $800 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $450 to B. Cox for $500 cash. Date Account Credited Cash Dr. CASH RECEIPTS JOURNAL Sales Discount Dr. Accounts Receivable. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2PB: C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning