Following are the merchandising transactions of Dollar Store.

November $1$ Dollar Store purchases merchandise for $$2,400$ on terms of $\frac{2}{5},\frac{n}{30},$ FoB shipping point, invoice dated November $1.$

November $5$ Dollar Store pays cash for the November $1$ purchase.

November $7$ Dollar Store discovers and returns $$200$ of defective merchandise purchased on November $1,$ and paid for on November $5,$ for a cash refund.

November $10$ Dollar store pays $$120$ cash for transportation costs for the November $1$ purchase.

November $13$ Dollar Store sells merchandise for $$2,592$ with terms $\frac{n}{30}.$ The cast of the merchandise is $$1,296.$

November $16$ Merchandise is returned to the Dollar store from the November $13$ transaction. The returned items are priced at $$215$ and cost $$108$; 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.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

Dollar Store purchases merchandise for $$2,400$ on terms of $\frac{2}{5},\frac{n}{30},$FOB shipping point, invoice dated November $1.$