Question: Need help with entry 2 and 3 3 Exercise 4-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 po Following are the merchandising

Need help with entry 2 and 3
Need help with entry 2 and 3 3 Exercise 4-12 (Algo) Recording

3 Exercise 4-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 po Following are the merchandising transactions of Dollar Store November 1 Dollar Store purchases merchandise for $1,100 terms of 2/5, 1/30, POB shipping point, invoice dated November 1 November Dollar Store pays cash for the November 1 purchase ovember 1 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for cash refund Hover 10 doline store pays 190 cash for transportation costs for the November 1 purchase November 13 dollar store della merchandise for $1,944 with term n/30. The cost of the merchandise 1 5972 November 16 Merchandise is returned to the Dollar store from the November 13 transaction. The returned items are priced at 6220 and cont $110) the items were not damaged and were returned to inventory. Joumalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method Print View transaction list View journal entry worksheet tences No Date General Journal Credit 7 1 Nov 01 Merchandise Inventory Accounts payable Debit 1,800 1.800 2 Nov 05 Accounts payable Merchandise Inventory 1,800 Cash 3 Nov 07 Cash Merchandise inventory 147 147 4 4 Nov 10 Merchandise inventory Cash 90 90 5 Nov 13 Accounts receivable Sales 1,944 1.944 5 Nov 13 Cost of goods sold Merchandise inventory 972 972 7 Nov 16 Sales retums and allowances Accounts receivable 220 220 IN 8 Nov 18 Merchandise inventory Cost of goods sold 110 110

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