Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls help with these journal entries!! Exercise 4-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Doilar

pls help with these journal entries!!
image text in transcribed
Exercise 4-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Doilar Store. Novesber 1 Doltar Store purchases merchandise for 32,100 on terns of 2/5,A/30. Foe shipging point, invoice dated Novenber 1 . Novenber 5 Dollar Store pays cash for the Novenber 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on Noveaber 1 , and paid for on November 5 , for a cash refund. Novesber 10 Dollar Store pays s1es cash for transportation costs for the Novenber 1 purchase. Novesber 13 Dollar Store selis serchandise for $2,268 with terms n/30. The cost of the serchandise is $1,134. November 16 Merchandise is returned to the Dollar Store froo the Novesber 13 transaction. The returned itess are priced at $250 and cost \$12s: the itess were not dasaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual imventory system and the gross method. Journal entry worksheet 2345678 Dollar Store purchises merchandise for $2,100 on terms of 2/5,n/30, FOB shipping point, invoice dated November 1

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

Recommended Textbook for

Fundamentals Of Quality Auditing

Authors: B. Scott Parsowith

1st Edition

0873892402, 978-0873892407

More Books

Students also viewed these Accounting questions