Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2016.

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Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2016. Credit terms are 2/10, net 45. A-1 Sports pays Outdoor Wear, Inc., on December 8, 2016.

1. Journalize the transactions for A-1 Sports on December 1, 2016, and

December 8, 2016.

2. What was the final cost of this inventory for A-1 Sports?

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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Nov 17, 2017 08:55 AM

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Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2016.

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Req 1 Journal DATE ACCOUNTS POST Dr Cr REF Dec01 Inventory 83000 Account...View the full answer

Financial Accounting

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