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Exercise 5-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. November 1 Dotlar Store purchases merchandise for $2,500 on terms of 2/5,n/3e, FoB shipping point, invoice dated Novenber 1. November 5 Dollar Store pays cash for the November 1 purchase. Novenber 7 Doltar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5 , for a cash refund. November 10 Doltar Store pays $125 cash for transportation costs for the November 1 purchase. November 13 Dotlar Store sells merchandise for $2,700 with terms n/30. The cost of the merchandise 15$1,350. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $245 and cost $123; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet 678 Dollar Store purchases merchandise for $2,500 on terms of 2/5,n/30,FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'tt use the perpetual inventory system. repare the company's year-end closing entries. Journal entry worksheet Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits