Nov.*3 The company purchased $3, 200 of merchandise on credit from Hart Co., ter

Question

Nov.*3 The company purchased $3, 200 of merchandise on credit from Hart Co., terms n/28. 7 The company sold merchandise costing $840 on credit to J. Than for $1,000, subject to a $20 sales discount if paid by the end of the month. 9 The company borrowed $3,750 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $5,000 cash to the company. 18 The company sold merchandise costing $250 to B. Cox for $330 cash. 22 The company paid Hart Co. $3,200 cash for the merchandise purchased on November 3. 27 The company received $980 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,650 in cash. E Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is E used. CASH RECEIPTS JOURNAL Accounts Sales Cash Dr. Discount Dr. Receivable. Sales Cr. Cr. Date Account Credited Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.

Explanation / Answer

CASH RECEIPTS JOURNAL Date Account Credited Cash Dr. Sales Discount Dr. Accounts Receivable Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. Nov. 9 Notes Payable 3750 3750 Nov. 13 J. Ali, Capital 5000 5000 Nov. 18 Sales 330 330 250 Nov. 27 Accounts Receivable-J. Than 980 20 1000 Total $ 10060 20 1000 330 8750 250

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