Question

Cash receipts journal-perpetual LO P1 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 $4,100 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $1,082 on credit to J. Than for $1,189, subject to a $24 sales discount if paid by the end of the
month.
9 The company borrowed $3,125 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,425 cash to the company.
18 The company sold merchandise costing $172 to B. Cox for $306 cash.
22 The company paid Hart Co. $4,100 cash for the merchandise purchased on November 3.
27 The company received $1,165 cash from J. Than in payment of the November 7 purchase.
30 The company paid salaries of $2,050 in cash.

Required:
Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used.

Answer 1

Analysis

Date Description Amount Account // Sales // Other

Receivables

9th Promissory Note 3,125 3,125

18th Cash Sale 306 306

27th J.Than Account 1,165 1,165

Subtotals 4,596 1,165 306 3,125

Step-by-step explanation:

We are required to record inthe cash receipts journal therefore, only thus transactions which involve the receipts of cash will be jounralize.

We will record the amount to get the total

And then, break it into account receivables, sales and other concepts.