Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. July 3 The company purchased $4,600 of merchandise on credit from Advanced Parts, terms n/60. 6 The company sold $1,350 of merchandise (cost is $1,200) for cash to OReily. 7 The owner, A. Smith, contributed equipment worth $8,000 to the company. 9 The company sold $1,500 of used equipment (noninventory) on credit to Junk