Consider the following transactions for Brighton 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 Brighton 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: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Date Jan. 2 Accounts Debit Credit Transactions Jan. 2 Jan. 3 Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Brighton Drug Store paid a $160 freight charge. Jan. 8 Brighton Drug Store returned $6,500 of the merchandise due to damage during shipment. Jan. 14 Brighton Drug Store paid the amount due, less return and discount. ☑

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Consider the following transactions for Brighton 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 Brighton 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: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies.
Date
Jan. 2
Accounts
Debit
Credit
Transactions
Jan. 2
Jan. 3
Brighton Drug Store purchased $20,300 worth of inventory on account with credit
terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies.
Brighton Drug Store paid a $160 freight charge.
Jan. 8
Brighton Drug Store returned $6,500 of the merchandise due to damage during
shipment.
Jan. 14
Brighton Drug Store paid the amount due, less return and discount.
☑
Transcribed Image Text:Consider the following transactions for Brighton 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 Brighton 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: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Date Jan. 2 Accounts Debit Credit Transactions Jan. 2 Jan. 3 Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Brighton Drug Store paid a $160 freight charge. Jan. 8 Brighton Drug Store returned $6,500 of the merchandise due to damage during shipment. Jan. 14 Brighton Drug Store paid the amount due, less return and discount. ☑
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