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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. 1: Billy Bob paid in advance for a 4-month insurance policy, which will begin today. He paid $3,856 cash for the policy.
Nov. 1: Billy Bob purchased a building for $967,260 using $127,260 cash and then borrowing the rest from the bank. The loan from the bank will be paid off over the next 16 years of the principal will be paid off at the end of each year). The loan carries an interest rate of 7.72%. Interest accrued will be paid off at the end of every year. The building has an expected life of 35 years, a salvage value of $217,980 and will be depreciated using the straight-line method.
Nov. 2: Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be $12/hour. She will probably work 32 hours this month.
Nov. 3: Billy Bob purchased 47 bikes from Paul's Choppers. Each bike cost $3,850 and the credit terms are 210,n30.(Note: Bikes are considered Inventory)
Nov. 3: Paul's Choppers paid FedEx $9,871 cash to ship the bikes to Billy Bob.
Nov. 5: Billy Bob sold 28 bikes to Bikes R' Us for $8,800 each with credit terms of 315,n30. The total cost of the bikes was figured out to be $105,950.
Nov. 5: Billy Bob paid UPS $5,638 cash to ship the bikes to Bikes R'Us.
Nov. 7: Billy Bob returned 2 of the bikes he purchased from Paul's Choppers.
Nov. 7: Paul's Choppers paid FedEx $324 cash to have the returned bikes shipped back to him.
Nov. 8: Stockholder's invest $234,567 in exchange for Billy Bobs Bikes common stock.
Nov. 9: Bikes R'Us returned 3 of the bikes they purchased from Billy Bob. The cost of the bikes to Billy Bob was figured out to be $11,550.
Nov. 9: Bikes R' Us paid FedEx $421 cash to have the bikes returned.
Nov. 11: Billy Bob paid off the balance due from Paul's Choppers.
Nov. 12: Billy Bob purchased 36 more bikes from Paul's Choppers. Each bike cost $3,875 and the credit terms are 120,n60.
Nov. 12: Billy Bob paid UPS $6,999 cash to ship the bikes he bought from Paul's Choppers.
Nov. 14: Bikes R' Us paid his balance off for the bikes he purchased.
Nov. 15: Billy Bob sold 51 bikes to Biker's Bargains for $8,700 each with credit terms of 210 EOM,n75. The cost of the bikes was determined to be $200,949.
Nov, 15: Billy Bob paid FedEx $11,111 to have the bikes shipped to them.
Journalize transaction
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