Question

Consider the following transactions for Dady Drug Store:
Mar. 2 Dady buys $ 20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point.
3 Dady pays a $ 90 freight charge.
8 Dady returns $ 5,000 of the merchandise due to damage during shipment.
14 Dady paid the amount due, less return and discount.

Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Dady?



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  • CreatedJanuary 16, 2015
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