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Periodic Inventory Journal Entries - Using a periodic inventory system, prepare the journal entries to record the transactions using the journal paper provided. YOU DO
Periodic Inventory Journal Entries Using a periodic inventory system, prepare the journal entries to record the transactions using the journal paper provided. YOU DO NOT HAVE TO INCLUDE HST
On October Mr Ki's Bicycle Store had an inventory of ten speed bicycles at a cost of $ each. During the month of October the following transactions occurred.
Oct. Purchased bicycles at a cost of $ each from the Lyons Bicycle Company, terms n
Sold bicycles to Team Canada for $ each, terms n
Received credit from the Lyons Bicycle Company for the return of defective bicycles.
Issued a credit to Team Canada for the return of a defective bicycle.
Purchased bicycles from Huffy Bicycle Company at a cost of $ each, terms n
Paid freight of $ on the October purchase.
Purchased bicycles from Phoenix Bicycle Manufacturing at a cost of $ each.
Sold bicycles to Maggie Madonna for $ each.
Received a refund from Phoenix Bicycle company for the return of a bicycle that was the wrong colour.
Issued a refund to Maggie Madonna for the return of a bicycle that was too small.
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