Consider the following transactions for Seacost Drug$$ Store:

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Requirements

$1.$

Journalize the purchase transactions. Explanations are not required.

$2.$

In the final$$ analysis, how much did the inventory cost Seacost Drug$$ Store?

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Part $1$

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.$)$

Jul $2$: Seacost purchased $$23,000$ worth of inventory on account with credit terms of $2/15,$ n$/60$ FOB shipping point from Norman Medical Supplies. Jul. $2$ Seacost purchased $$23,000$ worth of inventory on account with credit terms of $2/15,$ n$/60,$ FOB shipping point from Norman Medical Supplies.

Jul. $3$ Seacost paid a $$120$ freight charge.

Jul. $8$ Seacost returned $$5,200$ of the merchandise due to damage during shipment.

Jul. $14$ Seacost paid the amount due, less return and discount.