Following are the merchandising transactions of DollarStore.November 1 Dollarpurchases$1,800 on terms of 2/5, n/30, FOB shippingpoint, invoice dated November 1.November 5 Dollar Store pays cash for the November 1Storemerchandiseforpurchase.November 7 Dollar Store discovers and returns $150 ofdefective merchandise purchased on November1, and paid for on November 5, for a cashrefund.November 10 Dollarcashforfor the NovemberStore$90payscoststransportationpurchase.1November 13 Dollar Store sells merchandise for $1,944withtermsn/30.Thecostofthemerchandise is $972.November 16 Merchandise is returned to the Dollar StoreNovemberfromthe13transaction.Thereturned items are priced at $245 and cost$123; the items were not damaged and werereturned to inventory.Journalize the above merchandising transactions for theDollar Store assuming it uses a perpetual inventory systemand the gross method.View transaction listJournal entry worksheet124567 8Dollar Store purchases merchandise for $1,800 on terms of 2/5, n/30, FOBshipping point, invoice dated November 1.Note: Enter debits before credits.DateGeneral JournalDebitCreditNov 01Record entryClear entryView genera< Prev1 of 1Next >

Journal entries are used to keep records of financial transactions. To generate a journal entry, you…

Following are the merchandising transactions of Dollar Store. November 1 Dolar Store purchases merchandise $1,800 on terms of 2/5, n/30, FOB shipping for point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 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 $1,944 terms n/30. merchandise is $972. with The cost of the November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $245 and cost $123; 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

Following are the merchandising transactions of Dollar Store. November 1 Dolar Store purchases merchandise $1,800 on terms of 2/5, n/30, FOB shipping for point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 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 $1,944 terms n/30. merchandise is $972. with The cost of the November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $245 and cost $123; 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

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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