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Journalize the bay purchase and cash payment transactions

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Suppose The Bay uses the perpetual inventory system and purchases $300,000 of sporting goods on account from Nike on April 10, 2020. Credit terms are 1/10, net 30. The Bay pays electronically on April 20, 2020, and Nike receives the money the same day.

Problem 1: Journalize The Bay's (a) purchase and (b) cash payment transactions. What was The Bay's net cost of this inventory?

Reference no: EM132945959

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