Exercise 5-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,480 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $70 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,512 with terms 1/30. The cost of the merchandise is $756. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $298 and cost $145; 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 View transaction list Journal entry worksheet 2 3 4 6 6 7 8 1 Dollar Store purchases merchandise for $1,400 on terms of 2/5, 1/30, FOB shipping point, Invoice dated November 1 View transaction list Journal entry worksheet