Following are the merchandising transactions for Chilton Systems. 1. On November 1, Chilton Systems purchases merchandise for $1,100 on credit with terms of 2/5, n/30

Following are the merchandising transactions for Chilton Systems.
1. On November 1, Chilton Systems purchases merchandise for $1,100 on credit with terms of 2/5, n/30,
FOB shipping point; invoice dated November 1.
2. On November 5, Chilton Systems pays cash for tile November 1 purchase.
3. On November 7, Chilton Systems discovers and returns $1 10 of defective merchandise purchased on
November 1 for a cash refund.
4. On November 10, Chilton Systems pays $55 cash for transportation costs with the November 1
purchase.
5. On November 13, Chilton Systems sells merchandise for Sl,188 on credit. The cost of tile
merchandise is $594.
6. On November 16, the customer returns merchandise from the November 13 transaction. The returned
items sell for $250 and cost $125. The merchandise is returned to inventory.
Journalize tile above merchandising transactions for Chilton Systems assuming it uses a perpetual
inventory system.

The operating cycle of a merchandising company contains the following five activities. With merchandise
acquisition as the starting point, arrange the events in the correct order.