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Following are the merchandising transactions for Dollar Store:Nov. 1 Dollar Store purchases merchandise for $1,500 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 $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.13 Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800.16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: 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.
Following are the merchandising transactions for Dollar Store:Nov. 1 Dollar Store purchases merchandise for $1,500 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 $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.13 Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800.16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: 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.
Thejournal entriesare shown below.Journal entries;No Date General Journal Debit Credit1 1-NovMerchandiseinvnetory 1,500Accounts payable 1,5002 5-NovAccountspayable 1,500Merchandise inventory 30cash14703 7-Nov Cash 196Merchandise inventory 1964 10-Nov Merchandise inventory 90cash 905 13-NovAccounts receivable1,600Sales1,6006costofgoods sold800Merchandise inventory 8007 16-NovSales returnandallowance160Accounts receivable 1608 merchandise inventory 80cost of goods sold 80Learn more aboutjournal entryhere:brainly.com/question/24345471...
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