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Following are the merchandising transactions of Dollar Store Novenber 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5,n/30, FOB shipping point, Invoice dated
Following are the merchandising transactions of Dollar Store Novenber 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5,n/30, FOB shipping point, Invoice dated Novenber 1. November 5 Dollar 5 tore pays cash for the Novesber 1 purchase. Noveaber 7 Dollar store discovers and returns $200 of defective merchandise purchased on Hoveaber 1 , and paid for on hoveaber 5 , for a cash refund. November 10 Dollar 5 tore pays $90 cash for transportation costs for the Noveaber 1 purchase. Novenber 13 Dollar 5 tore sells merchandise for $1,600 with terms n/30. The cost of the nerchandise is $800. November 16 Merchandise is returned to the Dollar 5tore from the Novenber 13 transactlon. The returned Itees are priced at \$160 and cost 580 ; the itees were not daagged and vere returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method
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