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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,900 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 $1,900 on terms of 2/5,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 $95 cash for transportation costs for the November 1 purchase. November 13 Dollar store sells merchandise for $2,052 with terms n/30. The cost of the merchandise is $1,026. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $290 and cost $145; 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. Tournal antry workcheat Note: tnter debits betore credits
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