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Suppose Foster Outfitters uses the perpetual inventory system and purchases $660,000 of sporting goods on account from Fila on April 10, 2023 Credit terms
Suppose Foster Outfitters uses the perpetual inventory system and purchases $660,000 of sporting goods on account from Fila on April 10, 2023 Credit terms are: 1/10, net 60 Foster Outfitters pays electronically on April 20, 2023, and Fila receives the money the same day Journalize Foster Outfitters's (a) purchase and (b) cash payment transactions. What was Foster Outfiters's net cost of this inventory? C a. Journalize Foster Outfitters's purchase transaction (Record debits first, then credits. Exclude explanations from journal entries.) Date: Accounts April 10 Accounts Payable Debil Credit b. Journalize Foster Outfitters's payment transaction. (Round final answers to the nearest whole dollar.) Date April 20 Accounts What was F inventory? Accounts Payable Cash Inventory Note Payable Debit Credit
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