Answered: Li Company uses a sales journal,…

Name: Li Company uses a sales journal, purchases journal, cash receipts jour
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Description: Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactions that should be recorded in the ca

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2PA: Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on...

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Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactions that should be recorded in the cash receipts journal.

May 1. C. Li the owner, contributed $9000 cash to the company.

May 7. The company purchased $5000 of merchandise on credit from Gomez, n/30

May 9. The company sold merchandise costing $400 to E. James for $500 on credit, terms n/10

May 15. The company borrowed $1000 cash by signing a note payable to the bank.

May 18. The company received $500 cash from E. James in payment of the May 9 purchase.

May 24. The company sold merchandise costing $150 to B. Cox for $200 cash

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