WK 3 Assignment 1 .docx - Homework Week Three Exercises...

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Homework: Week Three ExercisesQuestion # 1S5-3Consider the following transactions for Ocean View Drug Store:Requirements1.Journalize the purchase transactions. Explanations are not required. 2.In the final analysis, how much did the inventory cost Ocean View?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.)Jun.22: Ocean Viewbuys $22,700worth of inventory on account with credit terms of 3/15, n/60 FOB shipping point.
Requirement 2. In the final analysis, how much did the inventory cost Ocean View?
Question # 2 S5-3 Consider the following transactions for Burlington Drug Store:Requirements1.Journalize the purchase transactions. Explanations are not required. 2.In the final analysis, how much did the inventory cost Burlington?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.)Jan.2: Burlingtonbuys $22,500worth of inventory on account with credit terms of 2/15, n/60,FOB shipping point.

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