LO 5 Skipped eBook Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merch

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Lo 5 Skipped Ebook Following Are The Merchandising Transactions Of Dollar Store November 1 Dollar Store Purchases Merch 1 (269.82 KiB) Viewed 10 times

LO 5 Skipped eBook Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 November 7 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. November 10 November 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced. at $295 and cost $148; the items were not damaged and were returned to inventory. Dollar Store pays cash for the November 1 purchase. Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet < 1 2 Date Nov 01 3 Note: Enter debits before credits. 4 5 6 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. General Journal 7 8 Debit Credit >