Page 4 of 9Keiler Motorcycle Shop completed the following transactions during the month ofOctober. Keiler uses a perpetual inventory system. Any freight paid was paid withcash.Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company,under credit terms 1/30, n/45. FOB shipping point.4 The correct company paid $150 cash freight for above shipment6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOBdestination.7 Received credit from the Lyons Bike Company for the return of 2 defective bikes.13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale.17 Purchased with cash Office Supplies from the Office Depot in the amount of$200.20 Doug's Bicycle paid their account in full24 Paid Lyons Bike Company.Required:Part A: Journalize the above transactionsPart B: Calculate the balance of inventory at October 31, assuming the openingbalance is $5,000Part C: dentify one transaction that would be recorded differently if Keiler used aperiodic inventory system. Record that entry as if Keiler uses a periodic inventorysystem.nitod Stotoo)EA FocuS

Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded differently if Keiler used a periodic inventory system. Record that entry as if Keiler uses a periodic inventory system.

Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded differently if Keiler used a periodic inventory system. Record that entry as if Keiler uses a periodic inventory system.

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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