Question

Suppose Funtime purchases $62,000 of sportswear on account from Great Wear on December 1, 2012. Credit terms are 2/1 0, net 60. Funtime pays Great Wear on December 8, 201 2.
1. Journalize the transactions for Funtime on December 1, 201 2, and December 8, 2012.
2. What was the final cost of this inventory for Funtime?



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  • CreatedApril 29, 2014
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