Biloxi Gifts uses a sales journal a purchases journal a
Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Journalize its November transactions that should be re-corded 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 K. Myer returned $ 175 of (worthless) merchandise to the company originally purchased on November 16 (assume the cost of this merchandise is left in cost of goods sold).

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