Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize its transactions that should be recorded in the general journal. For those not recorded in the general journal, identify the special journal where each should be recorded. Nov. 2 The company purchased $2,600 of merchandise on credit from the Midland Co., terms 2/10, n/30. 12 The owner, T. Biloxi, contributed an automobile worth $17,000 to the company. 16 The company sold $1,200 of merchandise (cost is $800) on credit to K. Myer, terms n/30. 19 Biloxi granted K. Myer an allowance (price reduction) of $175 for merchandise sold on November 16. Biloxi credited Accounts Receivable for that amount.

Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize its transactions that should be recorded in the general journal. For those not recorded in the general journal, identify the special journal where each should be recorded. Nov. 2 The company purchased $2,600 of merchandise on credit from the Midland Co., terms 2/10, n/30. 12 The owner, T. Biloxi, contributed an automobile worth $17,000 to the company. 16 The company sold $1,200 of merchandise (cost is $800) on credit to K. Myer, terms n/30. 19 Biloxi granted K. Myer an allowance (price reduction) of $175 for merchandise sold on November 16. Biloxi credited Accounts Receivable for that amount.

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Description: Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize its transactions that should be recorded in the general journal. For those not recorded in the general journal, identify

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 8MC: A customer just charged $150 of merchandise on the companys own charge card. Which special journal...

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