On July 1, Ricker Cycle Shop had an inventory of 20 bicycles at a cost of $250 each. Ricker uses a perpetual inventory system. During the month of July, the following transactions occurred:

Jul 4 Purchased 25 bicycles at a cost of $250 each from the Joncas Bicycle Corporation, terms 2/10, n/30.

5 Paid freight of $125 on the July 4 purchase.

6 Sold 10 bicycles from the July 1 inventory to Team Canada for $350 each, terms 2/10, n/30.

7 Received a credit from Joncas Bicycle for the return of 2 defective bicycles.

8 Sold two bicycles from the July 1 inventory for $700 cash.

13 Issued a credit memo to Team Canada for the return of a defective bicycle.

14 Paid Joncas Bicycle in full.

15 Received payment from Team Canada.

Instructions

Record the July transactions for Ricker Cycle Shop