Prepare headings for a cash receipts journal like the one in Exhibit 7A.2. Journalize th...

Prepare headings for a cash receipts journal like the one in Exhibit 7A.2. Journalize the November transactions

shown in Exercise 7-4 that should be recorded in the cash receipts journal assuming that the

periodic inventory system is used.

Mizuno 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 $3,500 of merchandise on credit from Abbott Co., terms n/20.

7 The company sold merchandise costing $923 on credit to E. Han for $1,015, subject to a $20

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 I. Uno, the owner, contributed $4,675 cash to the company.

18 The company sold merchandise costing $147 to C. Knapp for $261 cash.

22 The company paid Abbott Co. $3,500 cash for the merchandise purchased on November 3.

27 The company received $995 cash from E. Han in payment of the November 7 purchase.

30 The company paid salaries of $1,750 in cash.

Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the November transactions

that should be recorded in the cash receipts journal.