Journalizing sales transactions—perpetual inventory [10 min]
Consider the facts in the Short Exercise as they apply to the seller, Tomas. The goods cost Tomas $32,000.
Requirement
1. Journalize Tomas’s transactions for July 1, 2012, and July 10, 2012.
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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