Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. 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 $150 of defective merchandise purchased on November 1, and paid for on November 5, for a Nov. 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 $205 and cost $103; 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. View transaction list Journal entry worksheet 1 2 3 4 6 8 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01
Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. 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 $150 of defective merchandise purchased on November 1, and paid for on November 5, for a Nov. 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 $205 and cost $103; 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. View transaction list Journal entry worksheet 1 2 3 4 6 8 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01
Chapter1: Financial Statements And Business Decisions
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![Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2
Following are the merchandising transactions of Dollar Store.
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 $150 of defective merchandise purchased on November 1, and paid for on November 5, for a
Nov.
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 $205 and
cost $103; 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
ces
method.
View transaction list
Journal entry worksheet
1
2
3 4
8
<>
Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB
shipping point, invoice dated November 1.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Nov 01
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Transcribed Image Text:Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2
Following are the merchandising transactions of Dollar Store.
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 $150 of defective merchandise purchased on November 1, and paid for on November 5, for a
Nov.
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 $205 and
cost $103; 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
ces
method.
View transaction list
Journal entry worksheet
1
2
3 4
8
<>
Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB
shipping point, invoice dated November 1.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Nov 01
< Prev
2 of 5
Next >
aw
100%
Type here to search
![View transaction list
Journal entry worksheet
1
4
Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB
shipping point, invoice dated November 1.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Nov 01
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a5a1912-0448-4ca9-87e8-8fe2edddbe5c%2F5454f812-7666-4e26-96ee-ba7cfad458b6%2Fq14727r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:View transaction list
Journal entry worksheet
1
4
Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB
shipping point, invoice dated November 1.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Nov 01
Record entry
Clear entry
View general journal
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