chapter 5 question 1

Consider the following transactions for Derry Drug Store: (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Derry Drug Store? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Mar. 2: Derry purchased $21,200 worth of inventory on account with credit terms of 2/15,n/45, FOB shipping point from Red Medical Supplies. More info Mar. 2 Derry purchased $21,200 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Red Medical Supplies. Mar. 3 Derry paid a $100 freight charge. Mar. 7 Derry returned $5,800 of the merchandise due to damage during shipment. Mar. 14 Derry paid the amount due, less return and discount