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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases...

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Accounting

Following are the merchandising transactions of Dollar Store.
November 1 Dollar Store purchases merchandise for $1,600 on terms of 25,n30, 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 $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.
November 10 Dollar Store pays $80 cash for transportation costs for the November 1 purchase.
November 13 Dollar Store sells merchandise for $1,728 with terms n30. The cost of the merchandise is $864.
November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $260 and cost $130; 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
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Dollar Store pays cash for the November 1 purchase.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[\table[[November],[05]],Accounts payable,1,600,],[,Merchandise inventory,,],[,Cash,,],[,,,]]
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