Suppose a Myers store purchases $61 000 of women's sportswear on credit from Tomas on 1 July 2016. Credit terms are 2/10, net 45. Myers pays electronically and Tomas receives the money on 10 July 2016. Requirements 1. Journalise Myers' transactions for 1 July 2016 and 10 July 2016. What was Myers' net cost of this inventory? 2. Ignore GST. Requirement 1. Journalise Myers' transactions for 1 July 2016 and 10 July 2016. (Round amounts to the nearest dollar. Record debits first, then credits. Explanations aren't required.) First, journalise Myers' purchase transaction on 1 July 2016. Journal Entry Date Accounts Debit Credit 1 July 2016 Now, journalise Myers' payment transaction on 10 July 2016. Journal Entry Date Accounts Debit Credit 10 July 2016 Reauirement 2. What was Mvers' net cost of this inventorv?

Suppose a Myers store purchases $61 000 of women's sportswear on credit from Tomas on 1 July 2016. Credit terms are 2/10, net 45. Myers pays electronically and Tomas receives the money on 10 July 2016. Requirements 1. Journalise Myers' transactions for 1 July 2016 and 10 July 2016. What was Myers' net cost of this inventory? 2. Ignore GST. Requirement 1. Journalise Myers' transactions for 1 July 2016 and 10 July 2016. (Round amounts to the nearest dollar. Record debits first, then credits. Explanations aren't required.) First, journalise Myers' purchase transaction on 1 July 2016. Journal Entry Date Accounts Debit Credit 1 July 2016 Now, journalise Myers' payment transaction on 10 July 2016. Journal Entry Date Accounts Debit Credit 10 July 2016 Reauirement 2. What was Mvers' net cost of this inventorv?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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