vishuSubject-Accounting Exercise 4-12 (Static) Recording purchases, sales, returns, and shipping LO P1, P2Following are the merchandising transactions of Dollar Store.November 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice datedNovember 1.November 5November 7Dollar Store pays cash for the November 1 purchase.Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for onNovember 5, for a cash refund.November 10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.November 13 Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800.November 16 Merchandis) is returned to the Dollar Store from the November 13 transaction. The returned items are pricedat $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 grossmethod.View transaction listJournal entry worksheet3 4 5Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOBshipping point, invoice dated November 1.2Note: Enter debits before credits.DateNov 01General Journal6 7 8DebitCreditU

Name: vishuSubject-Accounting Exercise 4-12 (Static) Recording purchases, sa
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: vishuSubject-Accounting Exercise 4-12 (Static) Recording purchases, sales, returns, and shipping LO P1, P2Following are the merchandising transactions of Dollar Store.November 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB