S5-4 Journalizing purchase transactions—perpetual inventory [5–10 min]
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?
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