Consider the following transactions for Toys and More:
May 8 Toys and More buys $113,300 worth of MegoBlock toys on account withcredit terms of 2/10, n/60.
12 Toys and More returns $11,250 of the merchandise to MegoBlock due to damage during shipment.
15 Toys and More paid the amount due, less the return and discount.
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Toys and More?