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Billy Bob's Bikes Transactions Nov. 1 : Billy Bob paid in advance for a 4 - month insurance policy, which will begin today. He paid
Billy Bob's Bikes Transactions
Nov. : Billy Bob paid in advance for a month insurance policy, which will begin today. He paid $ cash for the policy.
Nov. : Billy Bob purchased a building for $ using $ cash and then borrowing the rest from the bank. The loan from the bank will be paid off over the next years of the principal will be paid off at the end of each year The loan carries an interest rate of Interest accrued will be paid off at the end of every year. The building has an expected life of years, a salvage value of $ and will be depreciated using the straightline method.
Nov. : Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be $hour She will probably work hours this month.
Nov. : Billy Bob purchased bikes from Paul's Choppers. Each bike cost $ and the credit terms are Note: Bikes are considered Inventory
Nov. : Paul's Choppers paid FedEx $ cash to ship the bikes to Billy Bob.
Nov. : Billy Bob sold bikes to Bikes R Us for $ each with credit terms of The total cost of the bikes was figured out to be $
Nov. : Billy Bob paid UPS $ cash to ship the bikes to Bikes R'Us.
Nov. : Billy Bob returned of the bikes he purchased from Paul's Choppers.
Nov. : Paul's Choppers paid FedEx $ cash to have the returned bikes shipped back to him.
Nov. : Stockholder's invest $ in exchange for Billy Bobs Bikes common stock.
Nov. : Bikes R'Us returned of the bikes they purchased from Billy Bob. The cost of the bikes to Billy Bob was figured out to be $
Nov. : Bikes R Us paid FedEx $ cash to have the bikes returned.
Nov. : Billy Bob paid off the balance due from Paul's Choppers.
Nov. : Billy Bob purchased more bikes from Paul's Choppers. Each bike cost $ and the credit terms are
Nov. : Billy Bob paid UPS $ cash to ship the bikes he bought from Paul's Choppers.
Nov. : Bikes R Us paid his balance off for the bikes he purchased.
Nov. : Billy Bob sold bikes to Biker's Bargains for $ each with credit terms of EOM, The cost of the bikes was determined to be $
Nov, : Billy Bob paid FedEx $ to have the bikes shipped to them.
Journalize transaction
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