Suppose a bullseye store purchases 60000 of womenu2019s, Ask an Expert

Accounting

Suppose a BullsEye store purchases $60,000 of women%u2019s sportswear on account from Muddy John on July 1, 2011. Credit terms are 2/10, net 45. BullsEye pays electronically, and Muddy John receives the money on July 10, 2011.

Requirements

R1. Journalize BullsEye%u2019s transactions for July 1, 2011, and July 10, 2011.

R2. What was BullsEye's net cost of this inventory?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9956687

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