Consider the following transactions for Salem Drug Store:
View the transactions.
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost
Salem 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.)
Jan. 2: Salem Drug Store purchased $23,000 worth of inventory on account
with credit terms of 2/15, n/60, FOB shipping point from
Ingles Medical Supplies.
Date
Jan. 2
Accounts
Debit
Credit