A 6 #1 7 B ACCOUNTING FOR THE MERCHANDISING FIRM D E F H 7 journal entries #1 Your answers go here 30 POINTS 8 9 JAR Bike Shop had beginning inventory of 10 bicycles costing $400 each. During March, the following transactions took place: 10 11 12 1-Mar Purchased 5 bicydes at a cost of $400 each from Pivot Cycles, terms 2/10, net 30. 4-Mar Sold 3 bicydes to Team Boston for $7.50 each, terms 2/10, net 30. 13 14 15 5-Mar Returned 1 bike damaged in shipping to Pivot and received a credit for the return. 7-Mar Issued a credit memo to Team Boston for the return of 1 bike that was the wrong size. 8-Mar Paid Pivot Cycles in full, less discount. 16 17 INSTRUCTIONS: Prepare the journal entries to record the transactions assuming that JAR Bike Shop uses a PERPETUAL INVENTORY SYSTEM. 18 19 20 21 22 23 24 25 26 27 28 29 J K L General Journal Date Account Title and Explanation Ref Debit Credit