ork $-$ Chapter $4$

Saved

Help

Save & Exit

Submit

Following are the merchandising transactions of Dollar Store.

November $1$ Dollar Store purchases merchandise for $$1,400$ on terms of $\frac{2}{5},\frac{n}{30},$ 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 $$100$ of defective merchandise purchased on November $1,$ and paid for on November $5,$ for a cash refund.

November $10$ Dollar Store pays $$70$ cash for transportation costs for the November $1$ purchase.

November $13$ Dollar Store sells merchandise for $$1,512$ with terms $\frac{n}{30}.$ The cost of the merchandise is $$756.$

November $16$ Merchandise is returned to the Dollar Store from the November $13$ transaction. The returned items are priced at $$250$ and cost $$125$; 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.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

Prev

$1$ of $8$

NextHelp

Save & Exit

Submit

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

Dollar Store purchases merchandise for $$1,400$ on terms of $\frac{2}{5},\frac{n}{30},$ FOB shipping point, invoice dated November $1.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$November $01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Prev

$1$ of $8$

Next

$1200$ pM

$10192004$

Search