Prepare journal entries for the following merchandising transactions of Dollar Store assuming it uses a perpetual inventory
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Prepare journal entries for the following merchandising transactions of Dollar Store assuming it uses a perpetual inventory system and the gross method.
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Nov. 1 5 7 10 13 16 Dollar Store purchases merchandise for $1,500 on terms of 25, n30, FOB shipping point, invoice dated November 1. Dollar Store pays cash for the November 1 purchase. Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Dollar Store pays $90 cash for transportation costs for the November 1 purchase. Dollar Store sells merchandise for $1,600 with terms n30. The cost of the merchandise is $800. Merchandise 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.
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Based on the transactions provided for the Dollar Store I will prepare the necessary journal entries for each date assuming the use of a perpetual inv...View the full answer
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