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what should cash and merchandise inventory be? Following are the merchandising transactions of Doliar Store. Novenber 1 Dotlar Store purchases merchandise for 52,900 on terns
what should cash and merchandise inventory be?
Following are the merchandising transactions of Doliar Store. Novenber 1 Dotlar Store purchases merchandise for 52,900 on terns of 2/5,n/30, FOB shipping point, involce dated Novenber 1 . Novenber 5 Dottar store pays cash for the Novenber 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on Noventer 1 , and paid for on Novenber 5 , for a cash refund. Novenber 18 Dollar Store pays $145 cash for transportation costs for the Novenber 1 purchase, November 13 Dollar 5 tore sells merchandise for $3,132 with terns n/30. The cost of the merchandise is $1,566. November 16. Merchandise is returned to the Dollar Store from the November 13 transaction. The returned itens are priced at 52.55 and cost $128; the itens 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. Answer is complete but not entirely correct Step by Step Solution
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