Exercise 7-3 Cash receipts journal-perpetual LO P1 Ali Co. uses a sales journal,

Question

Exercise 7-3 Cash receipts journal-perpetual LO P1 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 Nov. 3 The company purchased $3,200 of merchandise on credit from Hart Co., terms n/20 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 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 . Than in payment of the November 7 purchase 30 The company paid salaries of $1,650 in casih Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. CASH RECEIPTS JOURNAL Cost of Goods Inventory Cr. Accounts Other Accounts Cr. Sold Dr Sales Account Creditecd Cash Dr. Discount Dr. Receivable. | Sales Cr. Cr. Date otes payable

Explanation / Answer

Date Account Credited Cash Dr Sales Discount Dr Account Receivable Cr Sales Cr Other Account Cr Cost of Goods Sold Dr Inventory Cr Nov-09 Note Payable 3750 3750 Nov-13 Ali Capital Account 5000 5000 Nov-18 Sales 330 330 Nov-22 J Than 980 20 1000

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