Answer Happy

Done< 4 Chapter 4 Homework 5 Skipped eBook Mc Graw Hill Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,600 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. View transaction list November 10 Dollar Store pays $80 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,728 with terms n/30. The cost of the merchandise is $864. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $275 and cost $138; the items were not damaged and were returned to inventory. Journal entry worksheet Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. Note: Enter debts before credits Date Nov 01 Merchandise inventory Accounts payable ezto.mheducation.com 4 Record entry Dollar Store purchases merchandise for $1,600 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Seved 5 General Journal Clear entry < Prev Debit 1,600 Help Save & Exit Credit 1,600 View general journal 5 of 8 ⠀ Next > Submit a 53% Q