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 jou 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 (as 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 g journal, select "Not recorded in general journal" in the first account field.) View transaction list Journal entry worksheet The company purchased $3,500 of merchandise on credit from the Midland Co., terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 2 View transaction list Journal entry worksheet The owner, T. Biloxi, contributed an automobile worth $26,000 to the company. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet The company sold $1,650 of merchandise (cost is $980) on credit to K. Myer, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 16 Record entry Clear entry View general journal View transaction list Journal entry worksheet