QS 7-4 Entries in the general journal LO C2 Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The November transactions are given below: Nov. 2 The company purchased $3,500 of merchandise on credit from the Midland Co., terms 2/10, n/30. 12 The owner, T. Biloxi, contributed an automobile worth $26,000 to the company. 16 The company sold $1,650 of merchandise (cost is $980) on credit to K. Myer, terms n/30. 19 K. Myer returned $265 of (worthless) merchandise originally purchased on November 16 to the company (assume the cost of this merchandise is left in cost of goods sold). Journalize November transactions that should be recorded in the general journal. (If the transaction is not recorded in the general journal, select "Not recorded in general journal" in the first account field.) Identify the journal where each of the following transactions should be recorded. Nov. 2 The company purchased $3,500 of merchandise on credit from the Midland Co., terms 2/10, n/30. General journal O Purchases journal Sales journal Nov. 12 The owner, T. Biloxi, contributed an automobile worth $26,000 to the company. O Purchases journal General journal Sales journal Nov. 16 The company sold $1,650 of merchandise (cost is $980) on credit to K. Myer, terms n/30. O General journal Sales journal Purchases journal Nov. 19 K. Myer returned $265 of (worthless) merchandise originally purchased on November 16 to the company (assume the cost of this merchandise is left in cost of goods sold). Sales journal O Purchases journal General journal