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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 24
Journalizing purchase transactions-perpetual inventory
Suppose a Bubba store purchases $61,000 of women's sportswear on account from Tomas on July 1, 2012. Credit terms are 2/10, net 45. Bubba pays electronically, and Tomas receives the money on July 10, 2012.
Requirements
1. Journalize Bubba's transactions for July 1, 2012, and July 10, 2012.
2. What was Bubba's net cost of this inventory
Suppose a Bubba store purchases $61,000 of women's sportswear on account from Tomas on July 1, 2012. Credit terms are 2/10, net 45. Bubba pays electronically, and Tomas receives the money on July 10, 2012.
Requirements
1. Journalize Bubba's transactions for July 1, 2012, and July 10, 2012.
2. What was Bubba's net cost of this inventory
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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