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Consider the following transactions for Tacoma 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 Tacoma 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.) Feb. 2: Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Date Feb. 2 Accounts Feb. 4: Tacoma Drug Store paid a $90 freight charge. Date Feb. 4 Accounts Debit Credit Transactions Feb. 2 Feb. 4 Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Tacoma Drug Store paid a $90 freight charge. Debit Credit Feb. 9 Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Feb. 14 Tacoma Drug Store paid the amount due, less return and discount. Feb. 9: Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Date Feb. 9 Accounts Feb. 14: Tacoma Drug Store paid the amount due, less return and discount. Debit Credit Print Done - X

Consider the following transactions for Tacoma 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 Tacoma 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.) Feb. 2: Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Date Feb. 2 Accounts Feb. 4: Tacoma Drug Store paid a $90 freight charge. Date Feb. 4 Accounts Debit Credit Transactions Feb. 2 Feb. 4 Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Tacoma Drug Store paid a $90 freight charge. Debit Credit Feb. 9 Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Feb. 14 Tacoma Drug Store paid the amount due, less return and discount. Feb. 9: Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Date Feb. 9 Accounts Feb. 14: Tacoma Drug Store paid the amount due, less return and discount. Debit Credit Print Done - X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Consider the following transactions for Tacoma 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 Tacoma 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.) Feb. 2: Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Date Feb. 2 Accounts Feb. 4: Tacoma Drug Store paid a $90 freight charge. Date Feb. 4 Accounts Debit Credit Transactions Feb. 2 Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Feb. 4 Tacoma Drug Store paid a $90 freight charge. Debit Credit Feb. 9 Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Feb. 14 Tacoma Drug Store paid the amount due, less return and discount. Feb. 9: Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Date Feb. 9 Accounts Feb. 14: Tacoma Drug Store paid the amount due, less return and discount. Debit Credit Print Done -
Transcribed Image Text:Consider the following transactions for Tacoma 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 Tacoma 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.) Feb. 2: Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Date Feb. 2 Accounts Feb. 4: Tacoma Drug Store paid a $90 freight charge. Date Feb. 4 Accounts Debit Credit Transactions Feb. 2 Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Feb. 4 Tacoma Drug Store paid a $90 freight charge. Debit Credit Feb. 9 Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Feb. 14 Tacoma Drug Store paid the amount due, less return and discount. Feb. 9: Tacoma Drug Store returned $5,000 of the merchandise due to damage during shipment. Date Feb. 9 Accounts Feb. 14: Tacoma Drug Store paid the amount due, less return and discount. Debit Credit Print Done -
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