Q1 Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May May 3 Sold merchandise to a customer on credit for $600, terms 2 10, n 30 The cost of the merchandise sold was $350 May 4 Sold merchandise to a customer for cash of $425 The cost of the merchandise was $250 May 6 Sold merchandise to a customer on credit for $1,300, term 2 10, n 30 The cost of the merchandise sold was $750 May 8 The customer from May 3 returned merchandise with a selling price of $100 The cost of merchandise returned was $55 May 15 The customer from May 6 paid the full amount due, less any appropriate discounts earned May 31 The customer from May 3 paid the full amount due, less any appropriate discounts earned Instructions Prepare the required journal entries that Maia's Bike Shop must make to record these transactions Q2 What does FOB stand for Differentiate between FOB shipping point (or FOB factory) and FOB destination If you don't have another or a unique answer don't answer this question please I've signed up to get a unique answer, not a duplicate (1 l need Unique answer,2 use your own words 3 don't copy and paste from another answer) (4 don't use handwriting) (5 1 need more details and more Explain)

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Q1: Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May: : May 3 Sold merchandise to

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Q1:

Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May:

May 3	Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of the merchandise sold was $350.
May 4	Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.
May 6	Sold merchandise to a customer on credit for $1,300, term 2/10, n/30. The cost of the merchandise sold was $750.
May 8	The customer from May 3 returned merchandise with a selling price of $100. The cost of merchandise returned was $55.
May 15	The customer from May 6 paid the full amount due, less any appropriate discounts earned.
May 31	The customer from May 3 paid the full amount due, less any appropriate discounts earned.

Instructions:

Prepare the required journal entries that Maia's Bike Shop must make to record these transactions.

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Q2:

What does FOB stand for? Differentiate between FOB shipping point (or FOB factory) and FOB destination?

If you don't have another or a unique answer don't answer this question please. I've signed up to get a unique answer, not a duplicate (1.l need Unique answer,2.use your own words 3. don't copy and paste from another answer) (4.don't use handwriting) (5.1 need more details and more Explain)