Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and generaljournal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactionsthat should be recorded in the cash receipts journal. Nov. 3 The company purchased $3,200 of merchandise on credit from Hart Co., terms n/20.7 The company sold merchandise costing $840 to J. Than for $1,000 on credit, subject to a $20sales discount if paid by the end of the month.9 The company borrowed $3,750 cash by signing a note payable to the bank.13 J. Ali, the owner, contributed $5,000 cash to the company.18 The company sold merchandise costing $250 to B. Cox for $330 cash.22 The company paid Hart Co. $3,200 cash for the merchandise purchased on November 3.27 The company received $980 cash from J. Than in payment of the November 7 purchase.30 The company paid salaries of $1,650 in cash.