On October 1, Belton Bicycle store had an inventory of 20 Bicycles at a cost of...
On October 1, Belton Bicycle store had an inventory of 20 Bicycles at a cost of $200 each. 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 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30
7. Received credit from Kuhn Bicycle company for the return of 2 defective bicycles
13. Issued credit to Team America for the return of a defective bicycle
14. Paid Kuhn Bicycle Company in full, less discount
Required:
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system
Homework Answers
| SOLUTION : | |||||
| Date | General Journal | Debit | Credit | ||
| Oct, 04 | Merchandise Inventory | $5,000 | |||
| Account Payable | $5,000 | ||||
| Oct, 06 | Account Receivable | $4,500 | |||
| Sales Revenue | $4,500 | ||||
| Oct, 07 | Account Payable | $400 | |||
| Merchandise Inventory | $400 | ||||
| Oct, 13 | Sales return and allowance | $600 | |||
| Account Receivable | $600 | ||||
| Oct, 14 | Account Payable | $4,600 | |||
| Purchase Discount ($ 4,600 X 2%) | $92 | ||||
| Cash | $4,508 | ||||
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