Consider the following transactions for Toys and More:

$($i$)($Click the icon to view the transactions.$)$

Requirements

Journalize the purchase transactions. Explanations are not required.

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 buys $$113,300$ worth of MegoBlock toys on account with credit terms of $\frac{2}{10},\frac{n}{60}.$

More info

Toys and More buys $$113,300$ worth of MegoBlock toys on account with credit

May $8$

terms of $\frac{2}{10},\frac{n}{60}.$

Toys and More returns $$11,250$ of the merchandise to MegoBlock due to damage

May $12$

during shipment.

May $15$

Toys and More paid the amount due, less the return and discount.