Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,600 on terms of 2/5, n/30, POB shipping point, invoice

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,600 on terms of 2/5, n/30, POB shipping point, invoice dated November 5 Dollar Store pays cash for the November l purchase. 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $80 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,728 with term n/30. The cost of the merchandise is $864. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $265 and cost $133; the items were not damaged and were returned to inventory. Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Vote: Enter debits before credits. Credit Date Nov 07 General Journal Cash Merchandise inventory Debit 200 200 Dollar Store pays cash for the November 1 purchase. Note: Enter debits before credits. Credit Date Nov 05 Debit 1,600 General Journal Accounts payable Merchandise inventory Cash 30 1,570 Dollar Store pays $80 cash for transportation costs for the November 1 purchase. Note: Enter debits before credits. Date Debit Credit Nov 10 General Journal Merchandise inventory Cash 80

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

GAO Financial Audit Manual Volume 2 Updated March 2021

Authors: United States Government GAO

2021 Edition

B091WM9DZW, 979-8733082875

More Books

Students also viewed these Accounting questions

Question

define the term outplacement

Answered: 1 week ago

Question

describe the services that an outplacement consultancy may provide.

Answered: 1 week ago