Business, 18.06.2020 23:57 ajayfurlow

Following are the merchandising transactions for Dollar Store:Nov.1Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.5Dollar Store pays cash for the November 1 purchase.7Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.10Dollar Store pays $90 cash for transportation costs for the November 1 purchase.13Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800.16Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: 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.

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Following are the merchandising transactions for Dollar Store:Nov.1Dollar Store purchases merchandis...

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