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2 years ago

Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal

Biology

1 answer:

sveticcg [70]2 years ago

7 0

The general journal of Smith Auto will be the first place where the company will record its data.

<h3>What is a journal?</h3>

The general journal is illustrated below:

July 3:

Debit inventory $3100

Credit Account payable $3100

July 6:

Debit Cash $600

Credit Sales revenue $600

Debit Cost of goods sold $450

Credit Inventory $450

July 7

Debit Equipment $5000

Credit Capital $5000

July 9

Debit Account receivable $750.

Credit Equipment $750

July 13

Debit Account receivable Bell $3200

Credit Sales revenue $3200

Debit Cost of goods sold = $2800

Credit Inventory = $2800

July 15

Debit Sales return $500

Credit Account receivable $500

July 22

Debit Building $20000

Credit Notes payable $20000

July 26

Debit Salaries expense $4400

Credit Cash $4400

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