Done < ezto.mheducation.com 4 Chapter 4 Homework 5 Skipped Book Following are the merchandising transactions of Dollar Store. Seve Help Save & Exit Submit November 1 Dollar Store purchases merchandise for $1,600 on terms of 2/5, n/30, F08 shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $80 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,728 with terms n/38. The cost of the merchandise is $864. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $275 and cost $138; 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. Mc Graw Hill View transaction list Journal entry worksheet 7 Dollar Store purchases merchandise for $1,600 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits Date Nov 01 General Journal Debit Credit Merchandise inventory 1,600 Accounts payable 1,600 Record entry Clear entry View general journal > < Prev 5 of 8 Next > 53% 1