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 $75 cash for transportation costs for the november 1 purchase.13 dollar store sells merchandise for $1,620 with terms n/30. the cost of the merchandise is $810.16 merchandise is returned to the dollar store from the november 13 transaction. the returned items are priced at $300 and cost $150; 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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Following are the merchandising transactions for dollar store. nov. 1 dollar store purchases merchan...
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