Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash...
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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 $3,900 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $1,629 on credit to J. Than for $1,131, subject to a $23 sales discount if paid by the end of the month. 9 The company borrowed $3,375 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,675 cash to the company. 18 The company sold merchandise costing $164 to B. Cox for $292 cash. 22 The company paid Hart Co. $3,900 cash for the merchandise purchased on November 3. 27 The company received $1,108 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,950 in cash. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. CASH RC CASH RECEIPTS JOURNAL Sales Date Account Credited Cash Dr. Discount Dr. Accounts or Receivable. Sales Cr. Ace Other . Cost of Goods Sold Dr. Inventory Cr
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