Exercise 5-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,50e on terms of 2/5, n/30, FOB shipping point, invoice date 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 November 5, for a cash refund. November 10 Dollar Store pays $125 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $2,700 with terms n/30. The cost of the merchandise is $1,350. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are pri at $245 and cost $123; 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 Dollar Store purchases merchandise for $2,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 2 3 Note: Enter debits before credits. 4 5 6 7 8

Exercise 5-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,50e on terms of 2/5, n/30, FOB shipping point, invoice date 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 November 5, for a cash refund. November 10 Dollar Store pays $125 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $2,700 with terms n/30. The cost of the merchandise is $1,350. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are pri at $245 and cost $123; 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 Dollar Store purchases merchandise for $2,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 2 3 Note: Enter debits before credits. 4 5 6 7 8

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Description: answer in text form please (without image), Note: .Every entry should have narration please Exercise 5-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2Following are the merchandising transactions of Dollar Store.November 1 Doll

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.2: Accounting For Merchandise Purchases

Problem 1OYO

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Following are the merchandising transactions of Dollar Store. Check my W Nov. 1 Dollar Store purchases merchandise for $2,400 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 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 $200 and cost $100; 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 4 7 8 Dollar Store purchases merchandise for…
ed ook Print GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) eferences Graw Hill July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee…