Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.

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Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactions that should be recorded in the cash receipts journal.

Nov. 3. The company purchased $3,200 of merchandise on credit from Hart Co., terms n/20.
7. The company sold merchandise costing $840 to J. Than for $1,000 on credit, subject to a $20 sales discount if paid by the end of the month.
9. The company borrowed $3,750 cash by signing a note payable to the bank.
13.  J. Ali, the owner, contributed $5,000 cash to the company.
18. The company sold merchandise costing $250 to B. Cox for $330 cash.
22. The company paid Hart Co. $3,200 cash for the merchandise purchased on November 3.
27. The company received $980 cash from J. Than in payment of the November 7 purchase.
30. The company paid salaries of $1,650 in cash.


Data From Exhibit 7.7

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