Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how is it not 200 for nov 7?? zollowing are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,500 on

how is it not 200 for nov 7?? image text in transcribed
zollowing are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5,n/30, FOB shipping point, invoice dated Novemben 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. lovember 10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase. lovember 13 Dollar store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800. lovember 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80; 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions