Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The November transactions are given below:
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).
Journalize November transactions that should be recorded in the general journal. (If the transaction is not recorded in the general journal, select "Not recorded in general journal" in the first account field.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Two years ago, you invested $3,000.00. Today, it is worth $3,750.00. What rate of interest did you earn?
Answers (1)
Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materials purchased on account, $108,000. Direct materials used in production, $44,000.
Answers (1)
Stech Co. is issuing $9 million 12% bonds in a private placement on July 1, 2017. Each $1,000 bond pays interest semi-annually on December 31 and June 30 of each year. The bonds mature in ten years.
Answers (1)
Which of the following is not a possible method of transmission for Hepatitis B, Hepatitis C, or HIV? a) b) Needlesticks or other sharps injuries Contact with mucous membranes Exposure to non-intact skin Blood splash on properly secured PPE d)
Answers (1)
Georgia, a widow, has take-home pay of $1,900 a week. her disability insurance coverage replaces 60 percent of her earnings after a four-week waiting period.
Answers (1)
New Questions in Business
Ace Inc. is evaluating two mutually exclusive projects-Project A and Project B. The initial investment for each project is $50,000.
Answers (1)
How is solving the problem of organizing protistan diversity a model for understanding the process of science?
Answers (1)
Shelly is looking at the life insurance policies listed in the table below. Which insurance company provides the most coverage per dollar of premium?
Answers (1)
For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to
Answers (1)
Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $4,000 for her services. By the end of the year, the value of the stock had decreased to $2,000.
Answers (1)