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Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. July 3 The company purchased $3,500 of merchandise on credit from Advanced Parts, terms n/60. July 6 The company sold $800 of merchandise for cash (cost is $650) to O'Reily. July 7 The owner, A. Smith, contributed equipment worth $5,800 to the company. July 9 The company sold $950 of used equipment (noninventory) on credit to Junk Yard, terms n/30. July 13 The company sold $4,000 of merchandise (cost is $3,600) on credit to J. Bell, terms n/30. July 15 The company granted J. Bell an allowance (price reduction) of $580 for merchandise purchased on July 13. Smith Auto credited accounts receivable for that amount. July 22 The company purchased a building for $28,000 by issuing a note payable. July 26 The company paid salaries of $4,800 with cash.
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