a company reported the following transactions. journalize transactions that should be recorded in a cash…

a company reported the following transactions. journalize transactions that should be recorded in a cash receipts journal.\njuly 1 smith, the owner, contributed $12,600 cash to the company.\njuly 6 sold merchandise costing $1,450 to garcia for $1,610 on credit, terms n/20.\njuly 8 purchased merchandise for $9,200 on credit from jones, terms n/30.\njuly 23 sold merchandise costing $960 to taylor for $1,010 cash.\njuly 25 received $1,610 cash from garcia in payment of the july 6 purchase.\njuly 27 purchased $530 of supplies on credit from a company, terms 1/10, n/30.\njuly 30 borrowed $9,100 cash in exchange for a note payable to a bank.\n\ncash receipts journal\n| date | account credited | cash debit | sales discount debit | accounts receivable credit | sales credit | other account credit |

a company reported the following transactions. journalize transactions that should be recorded in a cash receipts journal.\njuly 1 smith, the owner, contributed $12,600 cash to the company.\njuly 6 sold merchandise costing $1,450 to garcia for $1,610 on credit, terms n/20.\njuly 8 purchased merchandise for $9,200 on credit from jones, terms n/30.\njuly 23 sold merchandise costing $960 to taylor for $1,010 cash.\njuly 25 received $1,610 cash from garcia in payment of the july 6 purchase.\njuly 27 purchased $530 of supplies on credit from a company, terms 1/10, n/30.\njuly 30 borrowed $9,100 cash in exchange for a note payable to a bank.\n\ncash receipts journal\n| date | account credited | cash debit | sales discount debit | accounts receivable credit | sales credit | other account credit |

Answer

Explanation:

Step1: Analyze July 1 transaction

The owner contributed cash. Cash is debited and Owner's Equity (Smith, Capital) is credited.

Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Account Credit
July 1 Smith, Capital 12600 0 0 0 12600

Step2: Analyze July 23 transaction

Sold merchandise for cash. Cash is debited and Sales is credited.

Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Account Credit
July 23 Sales 1010 0 0 1010 0

Step3: Analyze July 25 transaction

Received cash from a customer. Cash is debited and Accounts Receivable is credited.

Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Account Credit
July 25 Accounts Receivable - Garcia 1610 0 1610 0 0

Step4: Analyze July 30 transaction

Borrowed cash. Cash is debited and Notes Payable is credited.

Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Account Credit
July 30 Notes Payable 9100 0 0 0 9100

Answer:

Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Account Credit
July 1 Smith, Capital 12600 0 0 0 12600
July 23 Sales 1010 0 0 1010 0
July 25 Accounts Receivable - Garcia 1610 0 1610 0 0
July 30 Notes Payable 9100 0 0 0 9100