Biloxi Gifts uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. The transactions are given below:
Nov.
2
The company purchased $3,600 of merchandise on credit from the Midland Co., terms 2/10, n/30.
12
The owner, T. Biloxi, contributed an automobile worth $27,000 to the company.
16
The company sold $1,700 of merchandise (cost is $1,000) on credit to K. Myer, terms n/30.
19
Biloxi granted K. Myer an allowance (price reduction) of $275 for merchandise sold on November 16. Biloxi credited accounts receivable for that amount.
Journalize transactions that should be recorded in the general journal. Identify the journal where each of the following transactions should be recorded.
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