2. March 1: Billy Bob paid in advance for a 10-month insurance policy, which will begin today. He paid $6,660 cash for the policy. 3. March 2: Billy Bob purchased 14 bikes from Paul's Choppers. Each bike cost $6,300 and the credit terms are 3/10, n/30. (Note: Bikes are considered Inventory) 4. 5. March 2: Paul's Choppers paid FedEx $5,083 cash to ship the bikes to Billy Bob. March 3: Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be $12/hour. She will probably work 10 hours this month. March 5: Billy Bob sold 8 bikes to Bikes R' Us for $7,850 each with credit terms of 2/10, n/30. The total cost of the bikes was figured out to be $50,400. 6