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ollowing are the merchandising transactions of Dollar Store. November 1 Dollar store purchases merchandise for $1,500 on terms of 2/5, n/30, fol shipping point, invoice
ollowing are the merchandising transactions of Dollar Store. November 1 Dollar store purchases merchandise for $1,500 on terms of 2/5, n/30, fol shipping point, invoice dated November 1. November 5 Dollar Stare pays cash for the Novenber 1 purchase. Noveaber 7. Dollar Store discovers and returns $200 of defective eerchandise purchased on Noveaber 1 , and paid for on hoveaber 5 , for a cash refund. November 10 Dollar store pays $90 cash for transportation casts for the November 1 purchase. November 13 Dollar store sells merchandise for $1,600 with teras n/30. The cost of the merchandise is $800. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80; the itens were not damaged and were returned to inventory. Joumalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method
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