Business, 01.07.2020 16:01 tonypewitt

Ali Co. uses a sales journal, purchases journal ,Cash receipts journal, Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $12,000 cash to the company.
7 The company purchased $8,000 of merchandise on credit from Gomez, terms n/30.
9 The company sold merchandise costing $1,150 on credit to E. James for $1,250, terms n/10.
15 The company borrowed $8,500 cash by signing a note payable to the bank.
18 The company received $1,250 cash from E. James in payment of the May 9 purchase.
24 The company sold merchandise costing $900 to B. Cox for $950 cash.
Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used.

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