Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalize the following transactions for Moto Bicycles using the periodic inventory system. Explanations are not required. Record debits first, then credits Exclude explanation from journal
Journalize the following transactions for Moto Bicycles using the periodic inventory system. Explanations are not required. Record debits first, then credits Exclude explanation from journal entries. Assume company uses the net amount to record sales.) 1 (Click the icon to view the transactions) Nov. 2 Nov. 6 Nov. 8 Purchased $2,900 of merchandise inventory on account under terms 2/10, 1/EOM and FOB shipping point from Shelby Bikes. Returned $900 of defective merchandise purchased on November 2. Paid freight bill of $180 on November 2 purchase. Sold merchandise inventory on account for $4,200 to Cali Tours. Payment terms were 2/15, n/45. Paid amount owed to Shelby Bikes on credit purchase of November 2, less the return and the discount. Received cash from Cali Tours for November 10 sale in full settlement of their debt, less the discount Nov. 10 Nov. 11 Nov. 22 Print Done Nov. 2: Purchased $2,900 of merchandise inventory on account under terms 2/10, VEOM and FOB shipping point from Shelby Bikes Date Accounts Debit Credit Nov. 2 Nov. 6: Returned $900 of defective merchandise purchased on November 2. Date Accounts Debit Credit Nov. 6 Nov. 8: Paid freight bill of $180 on November 2 purchase. Date Accounts Debit Credit Nov. 8 Nov. 10: Sold merchandise inventory on account for $6,200 to Cali Tours. Payment terms were 2/15, 1/45. Date Accounts Debit Credit Nov. 10 Nov. 11: Paid amount owed to Shelby Bikes on credit purchase of November 2, less the return and the discount. Date Accounts Debit Credit Nov. 11 Nov. 22: Received cash from Call Tours on November 10 customer in full settlement of their debt, less the discount. Date Accounts Debit Credit Nov. 22
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started