Explore BrainMass

# Cash receipts journal - perpetual

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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.

#### Solution Preview

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