Exerclse 4-12 (Algo) Recording purchases, sales, returns, and shipplng LO P1, P2 Following are the merchandising transactions of Dollar Store. Noventer 1 oollar store purchases merchandise for $2,500 on terms of 2/5,n/30, foB shipping point, invoice dated Novenber 1. Novenber 5 pollar store pays cash for the November 1 purchase. November 1 Dollar store discovers and returns 5250 of defective merchandise purchased on November 1 , and paid for on November 5 , for a cash refund. Novenber 10 Dollar Store pays 5125 cash for transportation costs for the Novonber 1 purchase. Noveaber 13 Dollar Store sells merchandise for $2,700 with terms n/30. The cost of the morchandise is $1,350. Novenber 10 Merchandise is returned to the Dollar store fron the Novenber 13 transaction. The returned items are priced at $235 and cost 5118 ; the items were not danaged 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 Exercise 4-12 (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 $2,500 on terss of 2/5,n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the Novenber 1 purchase. Noveeber 7 Dollar store discovers and returns $250 of defective merchandise purchased on Novenber 1 , and paid for on November 5, for a cash refund. November 10 Dollar store pays $125 cash for transportation costs for the Novenber 1 purchase. Novenber 13 0ollar store sells merchandise for $2,700 with terns n/30. The cost of the merchandise is $1,350. November 10 Merchandise is returned to the Dollar store from the Novenber 13 transaction. The returned itens are priced at $235 and cost \$118; the items were not danaged and were returned to inventory. Journalize the above merchandising transactions for the Doliar Store assuming it uses a perpetual inventory system and the gross method