please help me to solve this problem and please do not give aansqwer in imagfe formate Exercise 3: On October 1, Belton Bicycle Store had an inventory of 20 ten speed bicycles at acost of $200 cach. During the month of October, the following transactions occurred.Oct. 4Purchased 25 bicycles at a cost of $200 cach from Kuhn Bicycle Company, terms2/10, n/30.6Sold 15 bicycles to Team America for $300 cach, terms 2/10, n/30.Received credit from Kuhn Bicycle Company for the returm of 2 defectivebicycles.13Issued a credit memo to Team America for the return of a defective bicycle.Paid Kuhn Bicyele Company in full, less discount.14Required: Prepare the joumal entries for October transaction.DateAccounts TitleRef.DebitCreditOct 41314

Journal entry is the primary step to record the transaction in the books of account. The amount of…

Exercise 3: On October 1, Belton Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 cach. During the month of October, the following transactions occurred. Oct. 4 Purchased 25 bicycles at a cost of $200 each from Kuhn Bicycle Company, terms 2/10, n/30. 6 7 Roceived credit from Kuln Bicycle Company for the retum of 2 defective Sold 15 bicycles to Team America for $300 cach, terms 2/10, n/30. bicycles. 13 Issued a credit memo to Team America for the return of a defective bicycle. 14 Paid Kuhn Bicycle Company in full, less discount. Required: Prepare the journal entries for October transaction.

Exercise 3: On October 1, Belton Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 cach. During the month of October, the following transactions occurred. Oct. 4 Purchased 25 bicycles at a cost of $200 each from Kuhn Bicycle Company, terms 2/10, n/30. 6 7 Roceived credit from Kuln Bicycle Company for the retum of 2 defective Sold 15 bicycles to Team America for $300 cach, terms 2/10, n/30. bicycles. 13 Issued a credit memo to Team America for the return of a defective bicycle. 14 Paid Kuhn Bicycle Company in full, less discount. Required: Prepare the journal entries for October transaction.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EB: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,...

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Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: A. the perpetual inventory system B. the periodic inventory system
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Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash. Solution Date Accounts and Explanation Debit Credit
subject; account
journal entries for the following transactions of Furniture Warehouse. Aug 3 Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug 8 Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug 15 Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug 18 Customer paid their account in full with cash.
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