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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!!
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
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