Chapter 7 Homework Accounting Information System Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash payments journal, and a general journal. The following transactions occur in the month of November: Nov 3 Nov 7 Nov 9 Nov 13 Nov 18 Nov 22 Nov 27 Nov 30 Purchased $4,300 of merchandise on credit from Hart Co., terms n/20. The company sold merchandise costing $840 to J. Than for $1,100 on credit, subject to a $22 sales discount if paid by the end of the month. The company borrowed $4,000 cash by signing a note payable to the bank. J. Ali, the owner, contributed $2,000 cash to the company. The company sold merchandise costing $300 to B. Cox for $450 cash. The company paid Hart Co. $4,300 for the merchandise purchased on November 3. The company received $1,078 from J. Than in payment of the November 7 purchase. The company paid salaries of $1,550 in cash. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used. Date HINT: Your excel journal should be set-up as follows: Cash Receipts Journal Account credited Cash Dr. Sales Disc. Dr. Accounts Receiv. Cr. Sales Cr. Other Accounts Cof GS Dr. Inventory Cr.

Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash payments journal, and a general journal. The following transactions occur in the month of November: Nov 3 Purchased $4,300 of merchandise on credit from Hart Co., terms n/20. Nov 7 The company sold merchandise costing $840 to J. Than for $1,100 on credit, subject to a $22 sales discount if paid by the end of the month. Nov 9 The company borrowed $4,000 cash by signing a note payable to the bank. Nov 13J. Ali, the owner, contributed $2,000 cash to the company. Nov 18 The company sold merchandise costing $300 to B. Cox for $450 cash. Nov 22 The company paid Hart Co. $4,300 for the merchandise purchased on November 3. Nov 27 The company received $1,078 from J. Than in payment of the November 7 purchase. Nov 30 The company paid salaries of $1,550 in cash. Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used