Biloxi Gifts uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. The transactions are given below: November 2 The company purchased $4,400 of merchandise on credit from the Midland Company, terms 2/10, n/30. November 12 The owner, T. Biloxi, contributed an automobile worth $35,000 to the company. November 16 The company sold $2,100 of merchandise (cost is $1,160) on credit to K. Myer, terms n/30. November 19 Biloxi granted K. Myer an allowance (price reduction) of $355 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 re
Biloxi Gifts uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. The transactions are given below: November 2 The company purchased $4,400 of merchandise on credit from the Midland Company, terms 2/10, n/30. November 12 The owner, T. Biloxi, contributed an automobile worth $35,000 to the company. November 16 The company sold $2,100 of merchandise (cost is $1,160) on credit to K. Myer, terms n/30. November 19 Biloxi granted K. Myer an allowance (price reduction) of $355 for merchandise sold on November 16. Biloxi credited
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