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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,300 on terms of 2/5,n/30, FOB shipping point, invoice dated
Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,300 on terms of 2/5,n/30, FOB shipping point, invoice dated November 1. November 5 Dollar store pays canh for the November 1 purchase. Novenber T Dollar store discovert and returnn $200 of defective merchandise purchased on November 1 , and paid for on November S, for a cash refund. November 10 Dollar store pays $115 cash for transportation costa for the November 1 purchase. November 13 pollar store sells merchandise for 52,484 with terms n/30. The cost of the merchandise 15$1,242. November 16 Merchandise in returned to the Dollar store from the November is transaction. The returned iteas are priced at $215 and cont $10B1 the itens 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. Journal entry worksheet Dollar Store purchases merchandise for $2,300 on terms of 2/5,N/30,FOB shipping point, invoice dated November 1. Notent Rrver detints berorn ovdits
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