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S5-3 Journalizing purchase transactions Consider the following transactions for Burlington Drug Store: Burlington buys $23,800 worth of inventory on account with credit terms of 2/15,

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S5-3 Journalizing purchase transactions Consider the following transactions for Burlington Drug Store: Burlington buys $23,800 worth of inventory on account with credit terms of 2/15, n/30, FOB shipping point Burlington pays a $50 freight charge Burlington returns $5,200 of the merchandise due to damage during shipment. Burlington paid the amount due, less return and discount Feb. 2 4 9 14

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