What am I missing on November 7 Nov 01| Merchandise inventory2,40012,400Accounts payableNov 05Accounts payable2,4002,352 OCash48 VMerchandise inventoryNov 07CashMerchandise inventory120Nov 10Merchandise inventory120Cash2,592Nov 13Accounts receivable2,592Sales1,296 ONov 13Cost of goods sold1,296 OMerchandise inventory200 ONov 16Sales returns and allowances200Accounts receivable100 ONov 16Merchandise inventory100Cost of goods sold2 of 5Next >中< Prev54, Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2Following are the merchandising transactions of Dollar Store.Nov.1 Dollar Store purchases merchandise for $2,400 on terms of 2/5, n/30, FOB shipping point, invoice dated November1.5 Dollar Store pays cash for the November l purchase.7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for onNovember 5, for a cash refund.10 Dollar Store pays $120 cash for transportation costs for the November 1 purchase.13 Dollar Store sells merchandise for $2,592 with terms n/30. The cost of the merchandise is $1,296.16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at$200 and cost $100; 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 grosmethod.8 Answer is not complete.NoDateGeneral JournalDebitCredit1Nov 01Merchandise inventory2,400 OAccounts payable2,400 O2Nov 05Accounts payable2,400Cash2,352 O48 VMerchandise inventory3Nov 07Cash< Prev2 of 5Next >MacBook Air

Answered: Exercise 4-9 Recording purchases,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

What am I missing on November 7

Nov 01
| Merchandise inventory
2,400
1
2,400
Accounts payable
Nov 05
Accounts payable
2,400
2,352 O
Cash
48 V
Merchandise inventory
Nov 07
Cash
Merchandise inventory
120
Nov 10
Merchandise inventory
120
Cash
2,592
Nov 13
Accounts receivable
2,592
Sales
1,296 O
Nov 13
Cost of goods sold
1,296 O
Merchandise inventory
200 O
Nov 16
Sales returns and allowances
200
Accounts receivable
100 O
Nov 16
Merchandise inventory
100
Cost of goods sold
2 of 5
Next >
中
< Prev
5
4,

Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2
Following are the merchandising transactions of Dollar Store.
Nov.
1 Dollar Store purchases merchandise for $2,400 on terms of 2/5, n/30, FOB shipping point, invoice dated November
1.
5 Dollar Store pays cash for the November l 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 $120 cash for transportation costs for the November 1 purchase.
13 Dollar Store sells merchandise for $2,592 with terms n/30. The cost of the merchandise is $1,296.
16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at
$200 and cost $100; 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 gros
method.
8 Answer is not complete.
No
Date
General Journal
Debit
Credit
1
Nov 01
Merchandise inventory
2,400 O
Accounts payable
2,400 O
2
Nov 05
Accounts payable
2,400
Cash
2,352 O
48 V
Merchandise inventory
3
Nov 07
Cash
< Prev
2 of 5
Next >
MacBook Air

Expert Solution

Step 1

To create a journal entry, you enter transaction details into your company's books. Your journal entries are entered into to the general ledger in the second step of the accounting cycle. Every general ledger journal entry will include the transaction date, amount, affected accounts with account information, and a description. A reference number, such as a check number, and a short explanation of the transaction may also be included in the journal entry.

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