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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
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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