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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, 1/38, 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 $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 1e Dollar Store pays $90 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80; the items were not danaged 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 to view journal entry worksheet No Data General Journal Debit Credit 1 Nov 01 Merchandise inventory Accounts payable 1,500 1,500 2. Nov 05 1.500 Accounts payable Merchandise Inventory Cash 30 1,470 7 3 Nov 07 Cash Merchandise inventory 196 196 JU Tersevernory Cash 1,470 IN 3 Nov 07 196 Cash Merchandise inventory 196 4 Nov 10 Merchandise inventory Cash 5 Nov 13 Accounts receivable Sales ces 6 Nov 13 Cost of goods sold Merchandise inventory 2 7 Noy 16 Sales returns and allowances Accounts receivable Nov 16 Merchandise Inventory Cost of goods sold

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