November 3 The company purchased $2,700 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid by the end of the month. November 9 The company borrowed $3,425 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $4,725 cash to the company. November 18 The company sold merchandise costing $113 to B. Cox for $201 cash. November 22 The company paid Hart Company $2,700 cash for the merchandise purchased on November 3. November 27 The company received $767 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,350 in cash. CASH RECEIPTS JOURNAL

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise 7-3 (Algo) Cash receipts journal
LO P2
Ali 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.
November 3 The company purchased $2,700 of merchandise on credit from Hart Company, terms n/20.
November 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a
$16 sales discount if paid by the end of the month.
November 9 The company borrowed $3,425 cash by signing a note payable to the bank.
November 13 J. Ali, the owner, contributed $4,725 cash to the company.
November 18 The company sold merchandise costing $113 to B. Cox for $201 cash.
November 22 The company paid Hart Company $2,700 cash for the merchandise purchased on November
3.
November 27 The company received $767 cash from J. Than in payment of the November 7 purchase.
November 30 The company paid salaries of $1,350 in cash.
Date
Account Credited
CASH RECEIPTS JOURNAL
Sales
Discount
Debit
Cash
Debit
Acco
Receivable
Credit
Sales
Credit
Accounts
Credit
Cost Good
Sold Debit
Inventory Credit
Transcribed Image Text:Exercise 7-3 (Algo) Cash receipts journal LO P2 Ali 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. November 3 The company purchased $2,700 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid by the end of the month. November 9 The company borrowed $3,425 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $4,725 cash to the company. November 18 The company sold merchandise costing $113 to B. Cox for $201 cash. November 22 The company paid Hart Company $2,700 cash for the merchandise purchased on November 3. November 27 The company received $767 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,350 in cash. Date Account Credited CASH RECEIPTS JOURNAL Sales Discount Debit Cash Debit Acco Receivable Credit Sales Credit Accounts Credit Cost Good Sold Debit Inventory Credit
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