Post, Freight and Carriers

On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the mo?

Oct.3Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30. 6Sold 10 bikes for $1,500 each, terms n/30. 6Freight of $250 on the October 6 sale was FOB shipping point. 7Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13Issued a credit to a customer for the return of a bike. The bike was returned to inventory. 19Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30. 20Freight of $220 on the October 19 purchase was FOB shipping point. 29Paid for the October 19 purchase. Instructions Using a perpetual inventory system, prepare the journal entries to record the transactions.

Public Comments

1. This question should be in finance.