(L. OBJ. 2) Journalizing purchase transactions—perpetual inventory [5-10 min]
Suppose a BullsEye store purchases $60,000 of women’s 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
1. Journalize BullsEye’s transactions for July 1, 2011, and July 10, 2011.
2. What was BullsEye’s net cost of this inventory?
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