Hi Ludwig,
I was able to resolve this issue on my own. Apparently in AX7 all of the journal excel import logic that controls inserting/updating the journal lines is controled by the VendInvoiceJournalLineEntity data entity.
I am not sure if all of the logic concerning the LedgerGeneralJournalService class has been moved here, but if you need to modify anything concerning the insert/update logic in open with excel then working with the corresponding entity events on the VendInvoiceJournalLineEntity data entity is your best bet. Atleast it worked in my situation anways.
Thank you Ludwig for your assistance.