INSTRUCTIONS For each event, prepare the appropriate journal entry . There may be more than one debit and credit for each transaction. Refer to the Chapter 4 handout for help with account titles. Please make sure that your answer is clearly marked and separated from any scratch work A. On January 1. Cloud 9 Superstore purchased 25 bikes from Turbo Goat Bikes for $100 each. The goods were shipped FOB destination. Shipping costs were $50. The bikes were purchased on account with payment terms of 1/15 , n / 45 Record the journal entry for Cloud 9.

contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing 3. Journal Entries (10 points) INSTRUCTIONS: For each event, prepare the appropriate journal entry. There may be more than one debit and credit for each transaction. Refer to the Chapter 4 handout for help with account titles. Please make sure that your answer is clearly marked and separated from any scratch work. A On January 1, Cloud 9 Superstore purchased 25 bikes from Turbo Goat Bikes for $100 each. The goods were shipped FOB destination. Shipping costs were $50. The bikes were purchased on account with payment terms of 1/15, 11/45. Record the journal entry for Cloud 9. I B. On January 15, Cloud 9 Superstore sold 10 bikes to various customers for $160 each. The sales were paid for in cash. I Page 2014 C. On January 25, Cloud 9 Superstore paid Turbo Goat Bikes in full. I D On January 31. Cloud 9 Superstore performed a physical count of their inventory and counted items worth $275.000. Accounting records indicate that inventory should be $282.000 Record the adjusting entry