Ali Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and...
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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 $4,800 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $1,267 to J. Than for $1,392 on credit, subject to a $28 sales discount if paid by the end of the month. November 9 The company borrowed $2,550 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $3,850 cash to the company. November 18 The company sold merchandise costing $202 to B. Cox for $360 cash. November 22 The company paid Hart Company $4,800 cash for the merchandise purchased on November 3. November 27 The company received $1,364 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $2,400 in cash. Date Account Credited CASH RECEIPTS JOURNAL Sales Discount Debit Cash Debit Accounts Receivable Credit Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit
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