November Dollar Store purchases merchandise for $ on terms of FOB shipping point, invoice dated November
November Dollar Store pays cash for the November purchase.
November Dollar Store discovers and returns $ of defective merchandise purchased on November and paid for on November for a cash refund.
November Dollar Store pays $ cash for transportation costs for the November purchase.
November Dollar Store sells merchandise for $ with terms The cost of the merchandise is $
November Merchandise is returned to the Dollar Store from the November transaction. The returned items are priced at $ and cost $; 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
Dollar Store discovers and returns $ of defective merchandise purchased on November and paid for on November for a cash refund.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditNovember Cash,TMerchandise inventory,,
