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Journalize the merchandising transactions for dollar store

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Reference no: EM132669340

Question - Prepare Journal Entry for the following transactions

Nov. 1 Dollar Store purchases merchandise for $1,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.

Nov. 5 Dollar Store pays cash for the November 1 purchase.

Nov. 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.

Nov. 10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.

Nov. 13 Dollar Store sells merchandise for $1,944 with terms n/30. The cost of the merchandise is $972.

Nov. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $295 and cost $148; the items were not damaged and were returned to inventory.

Required - Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.

Reference no: EM132669340

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