Question

Consider the following transactions for Derry Drug Store:
Jun. 2 Derry buys $23,000 worth of inventory on account with credit terms of 2/15, n/30,
FOB shipping point.
4 Derry pays a $110 freight charge.
8 Derry returns $6,200 of the merchandise due to damage during shipment.
14 Derry 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 Derry Drug Store?


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  • CreatedJune 12, 2015
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