QS 7-11 (Algo) Entries in the general journal LO P1, P2, P3, P4 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 $4,600 of merchandise on credit from the Midland Company, terms 2/10, n/30. November 12 The owner, T. Biloxi, contributed an automobile worth $37,000 to the company. November 16 The company sold $2,200 of merchandise (cost is $1,200) on credit to K. Myer, terms n/30. November 19 Biloxi granted K. Myer an allowance (price reduction) of $375 for merchandise sold on November 16. Biloxi credited accounts receivable for that amount. Journalize transactions that should be recorded in the general journal.