Short Exercise 5 - 2 Journalizing purchase transactions

Consider the following transactions for Toys and More (picture).

1. Journalize the purchase transctions. Explanations are not required.

2. In the final analysis, how much did the inventory cost Toys and More?

b. keeps a uhe ctmputerized record of merchandise inventory c. Achieves better coatrol d. Requires a physical count of inventory to determine the quantities on hand. e. Uses bar codes to keep up-to-the-minute records of inventory. Journalizing purchase transactions Consider the following transactions for Toys and More: over merchandise inventory 5-2 Toys and More buys $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. Toys and More returns $11,250 of the merchandise to MegoBlock due to damage during shipment. Toys and More paid the amount due, less the return and discount. May 8 12 15 Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Toys and More? -3 Journalizing purchase transactions Consider the following transactions for Burlington Drug Store