Exercise 4-12 (Static) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $200 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 $1,600 with teres n/30. The cost of the merchandise is $800. November 16 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. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method View transaction list Journal entry worksheet < 2 4 5 6 7 8 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. > Journal entry worksheet 1 2 3 4 5 6 7 Dollar Store pays cash for the November 1 purchase. Note: Enter debits before credits. Date Nov 05 General Journal Debit Credit View general journal Record entry Clear entry ces Journal entry worksheet < 1 2 3 4 5 6 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Note: Enter debits before credits. Date Nov 07 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.. Note: Enter debits before credits. Date Nov 10 General Journal Debit Credit Record entry Clear entry View general journal ces Journal entry worksheet < 1 2 3 4 5. 6 7 8 Dollar Store sells merchandise for $1,600 with terms n/30. Note: Enter debits before credits Date Nov 13 General Journal Debit Credit View general journal Record entry Clear entry 4 inces Journal entry worksheet < 1 2 3 4 The cost of the merchandise is $800. Note: Enter debits before credits. Date Nov 13 10 5 6 7 8 General Journal Debit Credit View general journal Record entry Clear entry Book Part Part erences Journal entry worksheet < 1 2 3 4 5 16 7 8 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160. Note: Enter debits before credits, Date Nov 16 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 The returned items cost $80; the items were not damaged and were returned ook to inventory. nt erences Note: Enter debits before credits Date Nov 16 General Journal Debit Credit View general journal Record entry Clear entry