Lue 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 March 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.
Mar. 2 The company purchased $2,900 of merchandise on credit from the Elko Co., terms 2/10, n/30.
12 The owner, T. Lue, contributed an automobile worth $15,000 to the company.
16 The company sold $1,100 of merchandise (cost is $700) on credit to K. Gould, terms n/30.
19 K. Gould returned $150 of (worthless) merchandise to the company originally purchased on March 16 (assume the cost of this merchandise is left in cost of goods sold).