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Following are the merchandising transactions of Dollar Store. November 1 Dotlar Store purchases merchandise for $2,600 on terms of 2/5,n/30, Fog shipping point, invoice: dated
Following are the merchandising transactions of Dollar Store. November 1 Dotlar Store purchases merchandise for $2,600 on terms of 2/5,n/30, Fog 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 an November 1 , and paid for on November 5 , for a cash refund. vovember 10 Dollar Store pays $130 cash for transportation costs for the Novenber 1 purchase. vovember 13 Doltar store sells merchandise for 52,808 with terms n/30. The cost of the merchandise is 51,404. vovember 16 Merchandise is returned to the Dollar store from the November 13 transaction. The returned items are priced at $235 and cost $118; the items were not danaged 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 678 Dollar Store purchases merchandise for $2,600 on terms of 2/5,n/30,FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Journal entry worksheet
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