d. Requires a physical count of inventory to determine the quantities on hand. e. Uses bar codes to keep up-to-the-minute records of inventory. 5-2 Journalizing purchase transactions Consider the following transactions for Toys and More: May 8 Toys and More buys $113,300 worth of MegoBlock toys on account with credit terms of 2/10, n/60. 12 Toys and More returns $11,250 of the merchandise to MegoBlock due to damage during shipment. 15 Toys and More paid the amount due, less the return and discount. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Toys and More? 5-3 Journalizing purchase transactions Consider the following transactions for Burtington Drug Stores Feb. 2 Burlington buys $23,800 worth of inventory on account with credit terms