Question

ABC 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 $2,900 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $765 to ]. Than for $841 on credit, subject to a $17 sales discount if paid by the end of the month. 9 The company borrowed $3,450 cash by signing a note payable to the bank. 13 ). Ali, the owner, contributed $4,750 cash to the company. 18 The company sold merchandise costing $122 to B. Cox for $ 22 The company paid Hart Co. $2,900 cash for the merchandise purchased on November 3. 27 The company received $824 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,450 in cash. CASH RECEIPTS JOURNAL Accounts Sales cash Dr. Discount Dr. Receivable. Sales Сг. Account Credited Other Cost of Goods Date " Discount Dr. Receivable. Sales Cr. Sold Dr. Accounts Cr. Inventory Cr.

Answer 1

Cash Receipt Journal   

Date	Account Credited	Cash Dr.	Sales Discount Dr.	Accounts Receivable Cr.	Sales Cr.	Other Account Cr.	Cost of Goods Sold Dr.Inventory Cr.
Nov.9	Note Payable	$3,450	0	0	0	$3,450	0
Nov.13	J.Ali. Capital	$4,750	0	0	0	$4,750	0
Nov.18	Sales	$217	0	0	$217	0	$122
No.27	J.Than	$824	$17	$841	0	0	0