Accounting Journal.. I Need Help Journalizing This?

I can’t seem to get this one someone please help me…
On October 1, the Kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each. During the month of October the following transactions occurred. Assume Kile uses a perpetual inventory system.
Oct. 4 Purchased 200 bicycles at a cost of $145 each from the Nixon Bicycle Company, terms 2/10, n/30.
5 Paid freight of $1,000 on the October 4 purchase.
6 Sold 8 bicycles from the October 1 inventory to Team America for $250 each, terms 2/10, n/30.
7 Received credit from the Nixon Bicycle Company for the return of 8 defective bicycles.
13 Issued a credit memo to Team America for the return of a defective bicycle.
14 Paid Nixon Bicycle Company in full, less discount.

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress | Designed by: free css template | Thanks to hostgator coupon and web hosting reviews