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    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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    https://brainmass.com/business/the-accounting-cycle/cash-receipts-journal-perpetual-192374

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    Solution Preview

    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 ...

    Solution Summary

    The solution explains the entries to be made in a cash receipts journal

    $2.19