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