Return to question Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,400 on terms of 2/5, n/30, F08 shipping point, invoice dated November 1... 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $120 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $2,592 with terms n/30. The cost of the merchandise is $1,296. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $295 and cost $148; 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.