Exercise 4-12 (Static) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. Novenber 1 Dollar store parchases merchandise for $1,500 on terms of 2/5,n/30, FoB shipping point, invoice dated Novenber 1. November 5 Dollar store pays cash for the November 1 purchase. November 7 Dollar store discovers and returns $200 of defective morchandise purchaned on Noveaber 1 , and paid for on November 5 , for a cash refund. Noverber 10 Dollar store paya $90 cash for transportation costs for the Novesber 1 purchase, November 13 Dollar store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800. November 16 Merchandisy is returned to the Dollar store from the Novenber 13 transaction. The returned items are priced at $160 and cost $80; the itens 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 Dollar Store purchases merchandise for $1,500 on terms of 2/5,n/30,FOB shipping point, invoice dated November 1. Note: Enter debits before credits