Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for...
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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,300 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 $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702. 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
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