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Consider the following transactions for Toys and More: (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required.
Consider the following transactions for Toys and More: (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Toys and More? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) May 8: Toys and More purchased $113,300 worth of MegoBlock toys on account with credit terms of 2/10,n/60. More info May 8 Toys and More purchased $113,300 worth of MegoBlock toys on account with credit terms of 2/10,n/60. May 12 Toys and More returned $11,250 of the merchandise to MegoBlock due to damage during shipment. May 15 Toys and More paid the amount due, less the return and discount
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