Exercise 7-9 (Algo) Entries in general journal LO P1, P2, P3, P4 Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. July 3 The company purchased $3,800 of merchandise on credit from Advanced Parts, terms n/60. July 6 The company sold $950 of merchandise for cash (cost is $800) to O'Reily. July 7 The owner, A. Smith, contributed equipment worth $6,400 to the company. July 9 The company sold $1,100 of used equipment (noninventory) on credit to Junk Yard, terms n/30. July 13 The company sold $4,600 of merchandise (cost is $4,200) on credit to J. Bell, terms n/30. July 15 The company granted J. Bell an allowance (price reduction) of $640 for merchandise purchased on July 13. Smith Auto credited accounts receivable for that amount. July 22 The company purchased a building for $34,000 by issuing a note payable. July 26 The company paid salaries of $5,100 with cash. 1. Journalize its transactions that should be recorded in the general journal. 2. Identify the journal where each of the following transactions should be recorded. Complete this question by entering your answers in the tabs below. General Journal Subsidiary Ledger Journalize its transactions that should be recorded in the general journal. (If the transaction is not recorded in the general journal, select "Not recorded in general journal" in the first account field.) View transaction list Journal entry worksheet The company purchased $3,800 of merchandise on credit from Advanced Parts, terms n/60. Note: Enter debits before credits. General Subsidiary Journal Ledger Show All Items Journalize its transactions that should be recorded in the general journal. (If the transaction is not re "Not recorded in general journal" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 7 8 > The company purchased $3,800 of merchandise on credit from Advanced Parts, terms n/60. Note: Enter debits before credits. Date General Journal Debit Credit July 03 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. General Journal Subsidiary Ledger Identify the journal where each of the following transactions should be recorded. Date Transaction Journal July 3 The company purchased $3,800 of merchandise on credit from Advanced Parts, terms n/60. July 6 The company sold $950 of merchandise (cost is $800) for cash to O'Reily. July 7 The owner, A. Smith, contributed equipment worth $6,400 to the company. July 9 The company sold $1,100 of used equipment (noninventory) on credit to Junk Yard, terms n/30. July 13 The company sold $4,600 of merchandise (cost is $4,200) on credit to J. Bell, terms n/30. The company granted J. Bell an allowance (price reduction) of $640 for merchandise purchased on July 13. Smith Auto July 15 credited accounts receivable for that amount. July 22 The company purchased a building for $34,000 by issuing a note payable. July 26 The company paid salaries of $5,100 with cash.
