Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for...
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Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,200 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $110 cash for transportation costs for the November 1 purchase 13 Dollar Store sells merchandise for $2,376 with terms n/30. The cost of the merchandise is $1,188 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $225 and cost $113; the items were not damaged 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
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