Question

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 $3,300 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $871 on credit to ). Than for $957, subject to a $19 sales discount if paid by the end of the month. 9 The company borrowed $2,825 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,125 cash to the company. 18 The company sold merchandise costing $139 to B. Cox for $247 cash. 22 The company paid Hart Co. $3,300 cash for the merchandise purchased on November 3. 27 The company received $938 cash from ). Than in payment of the November 7 purchase. 30 The company paid salaries of $1,650 in cash. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. CASH RECEIPTS JOURNAL Sales Accounts Date Account Credited Cost of Goods Sales Other able CE Sales CI Accounts CE Discount De Receivable. Sold Dr. inventory Cr. Nov. 03

Answer 1

Ali Co. Cash Receipts Journal
Date	Account Credited	Cash Dr.	Sales Discount Dr.	Accounts Receivable Cr.	Sales Cr.	Other Accounts Cr.	Cost of Goods Sold Dr. Inventory Cr.
Nov 9	Notes Payable	$ 2,825				$ 2,825
Nov 13	J. Ali, Capital	4,125				4,125
Nov 18	Sales	247			247		$ 139
Jan 27	J. Than	938	19	957