Sept.Sept.

22

SalemSalem

buys

$ 23 comma 500$23,500

worth of inventory on account with credit terms of

2 divided by 15 comma n divided by 30 comma2/15, n/30,

FOB shipping point.

55

SalemSalem

pays a

$ 140$140

freight charge.

77

SalemSalem

returns

$ 5 comma 500$5,500

of the merchandise due to damage during shipment.

1414

SalemSalem

paid the amount due, less return and discount.

Consider the following transactions for

SalemSalem

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 SalemSalem?

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.)

Sept.Sept.

22:

SalemSalem

buys

$ 23 comma 500$23,500

worth of inventory on account with credit terms of

2 divided by 15 comma n divided by 30 comma2/15, n/30,

FOB shipping point.

Date			Accounts	Debit	Credit
Sept. 2

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