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On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the mo
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HackedB     Reply with quote
Oct.3Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30.
6Sold 10 bikes for $1,500 each, terms n/30.
6Freight of $250 on the October 6 sale was FOB shipping point.
7Received credit from the Lyons Bike Company for the return of 2 defective bikes.
13Issued a credit to a customer for the return of a bike. The bike was returned to inventory.
19Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30.
20Freight of $220 on the October 19 purchase was FOB shipping point.

29Paid for the October 19 purchase.

Instructions
Using a perpetual inventory system, prepare the journal entries to record the transactions.


Wil     Reply with quote
This question should be in finance.
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