Question
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash.
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash.
Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 2/10, N/45. FOB shipping point.
4 The correct company paid $150 cash freight for above shipment
6 Sold 10 bikes to Dougs Bicycle for $1,500 each, terms n/30. Terms FOB destination.
7 Received credit from the Lyons Bike Company for the return of 2 defective bikes.
13 Issued a credit to Dougs Bicycle for the return of one bike from Oct 6 sale.
25 Dougs Bicycle paid their account in full
27 Paid Lyons Bike Company.
Required: Journalize the above transactions.
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