Ask Question
6 July, 08:51

Ali 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 $3,400 of merchandise on credit from Hart Co., terms n/20.

7 The company sold merchandise costing $897 to J. Than for $986 on credit, subject to a $20 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 $143 to B. Cox for $255 cash.

22 The company paid Hart Co. $3,400 cash for the merchandise purchased on November 3.

27 The company received $966 cash from J. Than in payment of the November 7 purchase.

30 The company paid salaries of $1,700 in cash.

+2
Answers (1)
  1. 6 July, 10:52
    0
    Ali Co.

    Cash Receipts Journal:

    Date Description Amount

    Nov. 9 Bank Notes Payable $2,600

    Nov. 13 Capital $3,900

    Nov. 18 Sales $255

    Nov. 27 Accounts Receivable $966

    Total Cash Receipts $7,721

    Explanation:

    The Cash Receipts Journal is a special journal that is used to record only cash receipts for a period. At the end of the period, the total is posted to the Cash Account in the general ledger as Cash Receipts. The individual records are posted to the various individual accounts.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers