Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a Nov. cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; 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 1 2 3 4 6 8 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01

Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a Nov. cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; 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 1 2 3 4 6 8 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01

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Description: Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2Following are the merchandising transactions of Dollar Store.1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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B Problems 3 P&-3B (Purchases Recorded Gross and Net) Some of the transactions of Duder Company during March 4. ar listed below. Duder uses the periodic inventory method. 11 Returned part of the purchase of March, $2,200, and received credit on account. 17 Purchased merchandise on account, $16,000, terms 2/10, n/30. March 8 Purchased merchandise on account, $15,000, terms 1/10, n/30. 26 Paid invoice of March 17 in full. 27 Purchased merchandise on account, $36,000, terms 2/10, n/60. (a) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Instructions (1) Prepare general journal entries to record the transactions. (2) Describe how the various items would be shown in the financial statements. (b) Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: (1) Prepare general journal entries to enter the transactions. (2) Prepare the adjusting entry necessary on March 31 if financial…
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