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journal entry help Following are the merchandising transactions of Dollar Store. Novenber 1 Dollar Store purchases nerchandise for $1,800 on terms of 2/5,n/30, foB shipping
journal entry help
Following are the merchandising transactions of Dollar Store. Novenber 1 Dollar Store purchases nerchandise for $1,800 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. Novenber 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1 , and paid for on November 5, for a cash refund. November 10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,944 with terms n/30. The cost of the merchandise is $972. Novenber 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $255 and cost $128; 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 2345678 Doliar Store purchases merchandise for $1,800 on terms of 2/5,n/30,FOB shipping point, invoice dated November 1 . Note: Enter debits before credits Step by Step Solution
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