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S5-4 Journalising purchase transactionsperpetual inventory Suppose a Myers store purchases $61000 of women's sportswear on credit from Tomas on 1 July 2016. Credit terms are

S5-4 Journalising purchase transactionsperpetual inventory Suppose a Myers store purchases $61000 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. 2 What was Myers' net cost of this inventory? Ignore GST

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