All Co. 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.
Nov. 3 The company purchased $4,300 of merchandise on credit from Hart Co., terms n/20.
7 The company sold merchandise costing $1,135 to J. Than for $1,247 on credit, subject to a $25
sales discount if paid by the end of the month.
9 The company borrowed $2,600 cash by signing a note payable to the bank.
13 J. Ali, the owner, contributed $3,900 cash to the company.
18 The company sold merchandise costing $181 to B. Cox for $322 cash.
22 The company paid Hart Co. $4,300 cash for the merchandise purchased on November 3.
27 The company received $1,222 cash from J. Than in payment of the November 7 purchase.
30 The company paid salaries of $2,150 in cash.
Date
Account
Credited
Cash Dr.
CASH RECEIPTS JOURNAL
Sales
Accounts
Discount Dr. Receivable. Sales Cr.
Cr.
Other
Accounts Cr.
Cost of Goods
Sold Dr.
Inventory Cr.