Following are the merchandising transactions of Dollar Store. 1 Dollar Store purchases merchandise for $1,100 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. Nov. 10 Dollar Store pays $55 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,188 with terms n/30. The cost of the merchandise is $594. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $230 and cost $115; 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 1 2 3 5 6 7 8 Dollar Store purchases merchandise for $1,100 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1
Dollar Store purchases merchandise for $1,100 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 K Prev 4 of 5 Journal entry worksheet 1 3 4 5 6 7 8 Dollar Store pays cash for the November 1 purchase. Note: Enter debits before credits Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal (Prev 4 of 5 Next Journal entry worksheet 1 2 4 5 6 7 8 > Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Note: Enter debits before credits Date General Journal Debit Credit Nov 07 Record entry Clear eniry View generat journal KPrev 4 of 5 Next> Journal entry worksheet 2 7 Dollar Store pays $55 cash for transportation costs for the November 1 purchase. Note: Enter debits before credits. Date General Journal Debit Credit Nov 10 Record entry Cloar entry View general journal KPrev 4 of 5 Next > Journal entry worksheet 2 3 4 6 7 Dollar Store sells merchandise for $1,188 with terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Nov 13 Record entry Clear entry View general journal Prev 4 or 5 Next Journal entry worksheet 2 3 4 7 The cost of the merchandise is $594. Note: Enter debits before credits. Date General Joumal Debit Credit Nov 13 Recond entry Clear entry View general journel K Prex Next Journal entry worksheet 2 3 4 6 8 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $230. Note: Enter debits before credits. Date General Journal Debit Credit Nov 16 Recordtry Clear ery View generat journal KPrev Next Journal entry worksheet 2 3 4 5 6 7 The returned items cost $115; the items were not damaged and were returned to inventory. Note: Enter debits before credits. Date General Journal Debit Credit Nov 16 View general journal Record entry Clear entry
