Cash receipts journal - perpetual
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Exhibit 7-7 attached. Please see the attached file.
Moeder 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 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n_20.
7 Sold merchandise costing $840 on credit to J. York for $900, subject to a $18 sales discount if paid by the end of the month.
9 Borrowed $2,750 cash by signing a note payable to the bank.
13 J. Emling, the owner, contributed $4,000 cash to the company.
18 Sold merchandise costing $130 to B. Box for $230 cash.
22 Paid Hargrave Co. $3,100 cash for the merchandise purchased on
November 3.
27 Received $882 cash from J. York in payment of the November 7 purchase.
30 Paid salaries of $1,600 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.
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Solution Summary
The solution explains the entries to be made in a cash receipts journal
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Please see the attached file.
Moeder 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 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n_20.
7 Sold merchandise costing $840 on credit to J. York for $900, subject to a $18 ...
Purchase this Solution
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