Chapter 5 of Dollar Store assuming it uses a Exs Prepare journal entries for the following merchandising transactions perpetual inventory system and the gross method. i Re Nov. 1 Dollar r Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, in- voice dated November I 5 Dollar Store pays cash for the November I purchase. 7Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Dollar Store pays $90 cash for transportation costs for the November 1 purchase. 10 13 Dol 16 lar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800. Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: the items were not damaged and were returned to inventory. The following list includes selected permanent accounts and all of the temporary accounts from th December 31, 2017, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use thes account balances along with the additional information to journalize (a) adjusting entries and (b) closi ntries. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory S 30.000 Chapter 5 of Dollar Store assuming it uses a Exs Prepare journal entries for the following merchandising transactions perpetual inventory system and the gross method. i Re Nov. 1 Dollar r Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, in- voice dated November I 5 Dollar Store pays cash for the November I purchase. 7Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Dollar Store pays $90 cash for transportation costs for the November 1 purchase. 10 13 Dol 16 lar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800. Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: the items were not damaged and were returned to inventory. The following list includes selected permanent accounts and all of the temporary accounts from th December 31, 2017, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use thes account balances along with the additional information to journalize (a) adjusting entries and (b) closi ntries. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory S 30.000
