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Following are the merchandising transactions for Dollar Store Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, 1/30, FOB shipping point, invoice
Following are the merchandising transactions for Dollar Store Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, 1/30, FOB shipping point, invoice dated November 5 Dollar Store pays cash for the November I purchase. 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November and paid tot on November 5, for a cash refund. 10 Dollar Store pays $90 cash for transportation coata for the November 1 purchase. 13 Dollar Store sella merchandise for $1,600 with term w/30. The goal of the merchandise 18-5800. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost 5807 the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming leuses 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. Date General Journal Debit Credit Nov 01 Record entry Clear entry View general journal Journal entry worksheet Dollar Store pays cash for the November 1 purchase. Note: Enter debits before credits. General Journal Debit Credit Date Nov 05 Journal entry worksheet 2 3 4 5 6 7 8 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Note: Enter debits before credits. General Journal Debit Credit Date Nov 07 Journal entry worksheet Journal entry worksheet 5 6 8
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