On October 1, Barbara's Bicycle Store had an inventory of 20 ten-speed bicycles at a cost of $450 each. During the month of October, the following transactions occurred. Purchased 40 bicycles at a cost of $450 each from Lamont Bicycle Company, terms 1/10. n/30 Sold 20 bicycles to Team Minnesota for $430 each, terms 2/10, 1/30 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles. Issued a credit memo to Team Minnesota for the return of a defective bicycle. 14 Paid Lamont Bicycle Company in full, less discount. Oct 4 6 7 13 Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Oct. 4 Oct. 6: Account Titles and Explanation Debit Credit

On October 1, Barbara's Bicycle Store had an inventory of 20 ten-speed bicycles at a cost of $450 each. During the month of October, the following transactions occurred. Purchased 40 bicycles at a cost of $450 each from Lamont Bicycle Company, terms 1/10. n/30 Sold 20 bicycles to Team Minnesota for $430 each, terms 2/10, 1/30 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles. Issued a credit memo to Team Minnesota for the return of a defective bicycle. 14 Paid Lamont Bicycle Company in full, less discount. Oct 4 6 7 13 Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Oct. 4 Oct. 6: Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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