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Following are the merchandising transactions of Dollar Store. Neveeber 1 dollar store purchases merchandise for $1,90e on terms of 2/5, n/30, foe shipping point, invoice
Following are the merchandising transactions of Dollar Store. Neveeber 1 dollar store purchases merchandise for $1,90e on terms of 2/5, n/30, foe shipping point, invoice dated Noverber 1 . Novesiber 5 Dollar store pays cash for the Novenber 1 purchase. Novenber 7 Dollar Store discovers and returns $150 of defective nerchandise purchased on Novenber 1 , and pald for on Novenber 5 , for a cash refund. Novenber 18 Dollar store pays $95 cash for transportation costs for the Noveaber 1 porchase. Noveaber 13 Dollar Store sells merchandise for $2,052 with terts n/30. The cost of the nerchandise is $1,026. Novenber 16 Merchandise is returned to the Dollar. Stoce from the Novenber 13 transaction. The returned 1 tens are priced at $225 and cost $113; the itens were not danaged and were roturned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method Journal entry worksheet Dollar Store purchases merchandise for $1,900 on terms of 2/5,/30,FOB shipping point, invoice dated November 1 . Note: Enter debits before credits, Journal entry worksheet Dollar Store pays cash for the November 1 purchase. Note: Enter debits before credits. Journal entry worksheet Dollar Store discovers and returns $150 of defective merchandise purchased on November 1 , and paid for on November 5 , for a cash refund. Note: Enter debits before credits. Journal entry worksheet
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