(L. OBJ. 3) Journalizing sales transactions-perpetual inventory [10 min] Consider the f...

(L. OBJ. 3) Journalizing sales transactions-perpetual inventory [10 min]

Consider the facts in the Short Exercise 5-4 as they apply to the seller, Muddy John. Muddy John sells $60,000 of women’s sportswear lo a BullsEye store under credit terms of 2/10, net 45. The goods cost Muddy John $32,000.

Requirement

1. Journalize Muddy John’s transactions for July 1, 2011, and July 10, 2011.