Consider the following transactions for Toys and More Requirements 1. Journalize the purchase transactions. Explanations are not
Question:
Consider the following transactions for Toys and More
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Toys and More?
Transcribed Image Text:
May 8 12 Toys and More returned $11,250 of the merchandise to MegoBlock due to damage during shipment. Toys and More paid the amount due, less the return and discount. Toys and More purchased $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. 15
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