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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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