1 answer

Suppose Cool Wave purchases $61.000 of sportswear on account from Northeast Trail, Inc., on August 1,...

Question:

Suppose Cool Wave purchases $61.000 of sportswear on account from Northeast Trail, Inc., on August 1, 2018. Credit terms are

Suppose Cool Wave purchases $61.000 of sportswear on account from Northeast Trail, Inc., on August 1, 2018. Credit terms are 2/10, net 60. Cool Wave pays Northeast Trail, Inc., on August 8, 2018. 1. Journalize the transactions for Cool Wave on August 1, 2018, and August 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Cool Wave? 1. Journalize the transactions for Cool Wave on August 1, 2018, and August 8, 2018, assuming the "net" method is used (Record debits first, then credits. Exclude explanations from any journal entries.) August 1: Purchases $61,000 of sportswear on account. Journal Entry Accounts Date Debit Credit Aug 1 August 8: Paid Northeast Trail, Inc.. Journal Entry Date Accounts Debit Credit Aug 8 2. What was the final cost of this inventory for Cool Wave? The final cost of the inventory for Cool Wave was $ Choose from any list or enter any number in the input fields and then continue to the next question.

Answers

Date Accounts Debit Credit
Aug 1 Inventory 59780 =61000*(1-2%)
      Accounts Payable 59780
Date Accounts Debit Credit
Aug 8 Accounts Payable 59780
       Cash 59780
2
The final cost of the inventory for Cool wave 59780
.

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