A company reported the following transactions. May 1 Sold merchandise for $1,140 cash (cost is $870) to Miller. May 4 Purchased merchandise on credit from Allen for $4,300, terms n/30.1 May 5 The owner, Smith, contributed $7,400 worth of machinery to the company. May 7 Sold $1,170 of used machinery (noninventory) on credit to Johnson, terms n/60. May 14 Purchased equipment for $38,000 by issuing a note payable. May 21 Sold merchandise for $5,600 (cost is $4,960) on credit to Jones, terms n/60. May 23 Granted Jones an allowance (price reduction) of $680 for merchandise purchased on May 21 and credited accounts receivable for that amount.. May 24 Paid wages of $7,400 with cash. Enter answers in the tabs below. Required 1 Required 2 For each transaction, determine which journal it should be recorded in. Date May 1 Transaction Sold merchandise for $1,140 cash (cost is $870) to Miller Journal May 4 Purchased merchandise on credit from Allen for $4,300, terms n/30 May 5 May 7 The owner, Smith, contributed $7,400 worth of machinery to the company. Sold $1,170 of used machinery (noninventory) on credit to Johnson, terms n/60. May 14 Purchased equipment for $38,000 by issuing a note payable. May 21 Sold merchandise for $5,600 (cost is $4,960) on credit to Jones, terms n/60. May 231 May 24 Granted Jones an allowance (price reduction) of $680 for merchandise purchased on May 21 and credited accounts receivable for that amount Paid wages of $7,400 with cash. Cash payments journal Cash receipts journal General journal Purchases journal Sales journal