Exercise 5-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $3,000 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $150 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $3,240 with terms n/30. The cost of the merchandise is $1,620. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $235 and cost $118; 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 Dollar Store purchases merchandise for $3,000 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01 Record entry Clear entry View general journal Journal entry worksheet Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $235. Note: Enter debits before credits. General Journal Debit Credit Date Nov 16 Record entry Clear entry View general journal Journal entry worksheet The returned items cost $118; the items were not damaged and were returned to inventory. Note: Enter debits before credits. General Journal Debit Credit Date Nov 16 Record entry Clear entry View general journal