Consider the following transactions for Ocean View Drug$$ Store:

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Requirements

$1.$

Journalize the purchase transactions. Explanations are not required.

$2.$

In the final$$ analysis, how much did the inventory cost Ocean View Drug$$ Store?

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Part $1$

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.$)$

Oct $2$: Ocean View purchased $21,500$ worth of inventory on account with credit terms of $3/15,$ n$/45$ FOB shipping point from Stone Medical Supplies. Oct. $2$ OceanView purchased $$21,500$ worth of inventory on account with credit terms of $3/15,$ n$/45,$ FOB shipping point from Stone Medical Supplies.

Oct. $3$ OceanView paid a $$160$ freight charge.

Oct. $9$ OceanView returned $$5,500$ of the merchandise due to damage during shipment.

Oct. $14$ OceanView paid the amount due, less return and discount. Oct. $2$ OceanView purchased $$21,500$ worth of inventory on account with credit terms of $3/15,$ n$/45,$ FOB shipping point from Stone Medical Supplies.

Oct. $3$ OceanView paid a $$160$ freight charge.

Oct. $9$ OceanView returned $$5,500$ of the merchandise due to damage during shipment.

Oct. $14$ OceanView paid the amount due, less return and discount.