Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. July 3 The company purchased $4,500 of merchandise on credit from Advanced Parts, terms n/60. July 6 The company sold $1,300 of merchandise for cash (cost is $1,150) to OReily. July 7 The owner, A. Smith, contributed equipment worth $7,800 to the company. July 9 The company sold $1,450 of used equipment (noninventory) on credit to Junk Yard, terms n/30. July 13 The company sold $6,000 of merchandise (cost is $5,600) on credit to J. Bell, terms n/30. July 15 The company granted J. Bell an allowance (price reduction) of $780 for merchandise purchased on July 13. Smith Auto credited accounts receivable for that amount. July 22 The company