Solution-Journalize transactions that should be recorded in

Journalize transactions that should be recorded in general

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Reference no: EM132972232

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 $4,000 of merchandise on credit from the Midland Co., terms 2/10, n/30.
12 The owner, T. Biloxi, contributed an automobile worth $31,000 to the company.
16 The company sold $1,900 of merchandise (cost is $1,080) on credit to K. Myer, terms n/30.
19 Biloxi granted K. Myer an allowance (price reduction) of $315 for merchandise sold on November 16. Biloxi credited accounts receivable for that amount.

Problem 1: Journalize transactions that should be recorded in the general journal.

Problem 2: Identify the journal where each of the following transactions should be recorded.

Reference no: EM132972232

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Journalize transactions that should be recorded in general

Reference no: EM132972232

Reference no: EM132972232

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