Solution-Journalize the november transactions that should

Journalize the november transactions that should be recorded

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Reference no: EM132599179

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 $3,000 of merchandise on credit from Hart Co., terms n/20.

7 The company sold merchandise costing $792 on credit to J. Than for $870, subject to an $17 sales discount if paid by the end of the month.

9 The company borrowed $3,225 cash by signing a note payable to the bank.

13 J. Ali, the owner, contributed $4,525 cash to the company.

18 The company sold merchandise costing $126 to B. Cox for $224 cash.

22 The company paid Hart Co. $3,000 cash for the merchandise purchased on November 3.

27 The company received $853 cash from J. Than in payment of the November 7 purchase.

30 The company paid salaries of $1,500 in cash.

Question 1: Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used.

Reference no: EM132599179

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Journalize the november transactions that should be recorded

Reference no: EM132599179

Reference no: EM132599179

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