ACCT-311 Chapter 4: Chapter 4 Summary
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Following are the merchandising transactions for Dollar Store.
Nov. | Ā | 1 | Ā | Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. |
Ā | Ā | 5 | Ā | Dollar Store pays cash for the November 1 purchase. |
Ā | Ā | 7 | Ā | Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. |
Ā | Ā | 10 | Ā | Dollar Store pays $75 cash for transportation costs for the November 1 purchase. |
Ā | Ā | 13 | Ā | Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. |
Ā | Ā | 16 | Ā | Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $300 and cost $150Ķ¾ 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.
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