Following are the merchandising transactions for Dollar
Store.
Nov. 1
Dollar
Store purchases merchandise for $1,300 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 $150 of defective merchandise purchased on November
1, and paid for on November 5, for a cash refund.
10
Dollar
Store pays $65 cash for transportation costs for the November 1 purchase.
13
Dollar
Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise
is $702.
16
Merchandise
is returned to the Dollar Store from the November 13 transaction. The returned
items are priced at $250 and cost $125; 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 the gross method.
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