Merchandising Operations #4

Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $3,000 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Novenber 5 Dollar Store pays cash for the November 1 purchase. Novenber 7 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on Novenber 5 , for a cash refund. November 10 Dollar store pays $150 cash for transportation costs for the November 1 purchase. November 13 Dollar Store se1ls merchandise for $3,240 with terns n/30. The cost of the merchandise is $1,620. November 16 Merchandise is returned to the Dollar store from the November 13 transaction. The returned items are priced at $280 and cost \$140; the itens 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. Journal entry worksheet 2345678> Dollar Store purchases merchandise for $3,000 on terms of 2/5,n/30,FOB shipping point, invoice dated November 1. Note: Cnter debits before credits. Journal entry worksheet Dollar Store purchases merchandise for $3,000 on terms of 2/5,n/30,FOB shipping point, invoice dated November 1. Journal entry worksheet 6 7 Dollar Store pays cash for the November 1 purchase. Journal entry worksheet 1 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Note: E Journal entry worksheet Dollar Store pays $150 cash for transportation costs for the November 1 purchase. Note: Ente Journal entry worksheet Dollar Store sells merchandise for $3,240 with terms n/30. Note: Enter debits before credits. Journal entry worksheet The cost of the merchandise is $1,620. Note: Enter debits before credits. Journal entry worksheet 1 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $280. Note: Enter debits before credits. Journal entry worksheet 1 The returned items cost $140; the items were not damaged and were returned to inventory. Note: Enter debits before credits