Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize its transactions that should be recorded in the general journal. For those not recorded in the general journal, identify the special journal where each should be recorded. Nov. 2 The company purchased $2,600 of merchandise on credit from the Midland Co., terms 2/10, n/30. 12 The owner, T. Biloxi, contributed an automobile worth $17,000 to the company. 16 The company sold $1,200 of merchandise (cost is $800) on credit to K. Myer, terms n/30. 19 Biloxi granted K. Myer an allowance (price reduction) of $175 for merchandise sold on November 16. Biloxi credited Accounts Receivable for that amount.
Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal, and
general
journal. Journalize its transactions that should be recorded in the general journal. For those not
recorded in the general journal, identify the special journal where each should be recorded.
Nov. 2 The company purchased $2,600 of merchandise on credit from the Midland Co., terms 2/10, n/30.
12 The owner, T. Biloxi, contributed an automobile worth $17,000 to the company.
16 The company sold $1,200 of merchandise (cost is $800) on credit to K. Myer, terms n/30.
19 Biloxi granted K. Myer an allowance (price reduction) of $175 for merchandise sold on
November
16. Biloxi credited
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