PROBLEM 2: On April5 , a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry -or entries to recagnize this return if the company uses A. the perpetual inventory sy stem B. the periodic inventory system
PROBLEM 2: On April5 , a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry -or entries to recagnize this return if the company uses A. the perpetual inventory sy stem B. the periodic inventory system
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:330,500
12,450
23,870
276,900
34,660
120,400
discounts
Purchase returns and allowances
Sales
Sales discounts
Gross purchases
PROBLEM 2: On April 5, a customer returns 20 bicycles with a sales price of $250
per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to
pay on their account. The bikes are in sellable condition. Prepare the journal entry
-or entries to recagnize this return if the company uses
A. the perpetual inventory system
B. the periodic inventory system
PROBLEM3: The following is selected information from Orange Industries. Compute
net purchases, and cost of goods sold for the month of June.
Sales
Gross purchases
Sales discounts
Purchase returns and allowances
$870,000
435,080
82,650
50,932
321,908
Transcribed Image Text:BA TAA
MODULE SIX
MERCHANDISING
WEEK SIX
SOUTHERN COTABATO ACADEMY, INC.
POBLACION KIAMBA, SARANGANI PROVINCE, 9514
GOVERNMENT RECOGNITION Nos. SP 405647-196 s.2020
"COMMITTED TO EXCELLENCE, SERVING THE COMMUNITY SINCE 1965"
PROBLEM 4: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per
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:
bike.
A. the perpetual inventory system
B. the periodic inventory system
PROBLEM 5: Costume Warehouse sells costumes and accessories. Review the following
or entries if Costume Warehouse uses:
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