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William's Restaurant buys cupcakes from James' Bakery. The credit terms are 1%/5/net 15. The purchase price is $1.50 per cupcake. William uses a perpetual inventory
William's Restaurant buys cupcakes from James' Bakery. The credit terms are 1%/5/net 15. The purchase price is $1.50 per cupcake. William uses a perpetual inventory system. William's most recent purchase is 1,000 cupcakes. What amounts are entered into each account to record the transaction in which the cupcakes are purchased? (enter each answer using a number with two decimal places and no dollar signs.
Revenue | |
Cost of Goods Sold | |
Accounts Payable | |
Inventory | |
Cash | |
Discounts, Returns, and Allowances |
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