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Exercise 7-9 Entries in general jou P1 P2 P3 P4 Smith Auto uses a sales...

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Accounting

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Exercise 7-9 Entries in general jou P1 P2 P3 P4 Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and gen- eral journal. Journalize its transactions that should be recorded in the general journal. For those not re- corded in the general journal, identify the special journal where each should be recorded. July 3 The company purchased $3,100 of merchandise on credit from Advanced Parts, terms 1/60. 6 The company sold $600 of merchandise for cash (cost is $450) to O'Reily. 7 The owner, A. Smith, contributed equipment worth $5,000 to the company. 9 The company sold $750 of used equipment (noninventory) on credit to Junk Yard, terms n/30. 13 The company sold $3,200 of merchandise (cost is $2,800) on credit to J. Bell, terms n/30. 15 The company granted J. Bell an allowance (price reduction) of $500 for merchandise purchased on July 13. Smith Auto credited Accounts Receivable for that amount. 22 The company purchased a building for $20,000 by issuing a note payable. 26 The company paid salaries of $4,400 with cash. une in a general Exercise 7-10

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