16. Joseph Howard owns a bicycle parts business called Quality Bike Products. Thefollowing transactions took place during July the current year.July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300.8 Paid freight charge on merchandise purchased, $330.12 Sold merchandise on account to Big Time Spoiler, $4,500. The merchandise cost $2,500.15 Received a credit memo from Wheeler Warehouse for merchandise, $470.Required:1. Journalize the above transactions in a general journal using the periodic inventory method.2. Journalize the above transactions in a general journal using the perpetual inventory method.GENERAL JOURNAL (Periodic Inventory Method)Page 1PostDateDescriptionRef.DebitCredit

Name: 16. Joseph Howard owns a bicycle parts business called Quality Bike P
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Description: 16. Joseph Howard owns a bicycle parts business called Quality Bike Products. Thefollowing transactions took place during July the current year.July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300.8 Paid freight charge on merchandi

Business

Accounting

Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method.

Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method.

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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