Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2018.
Question:
Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2018. Credit terms are 2/10, n/45. A-1 Sports pays Outdoor Wear, Inc., on December 8, 2018.
1. Journalize the transactions for A-1 Sports on December 1, 2018, and December 8, 2018, assuming the “net” method is used.
2. What was the final cost of this inventory for A-1 Sports?
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Req 1 Journal DATE ACCOUNTS POST REF Dr Cr Dec 1 Inventory83000 98 ...View the full answer
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