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With explanation please. On October 1, the Carla Vista Bicycle Store had an inventory of 28 ten speed bicycles at a cost of $160 each.
With explanation please.
On October 1, the Carla Vista Bicycle Store had an inventory of 28 ten speed bicycles at a cost of $160 each. During the month of October, the following transactions occurred. Assume Carla Vista uses a perpetual inventory system. Oct. 4 Purchased 183 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10, n/30. 5 Paid freight of $1,000 on the October 4 purchase. 6 Sold 18 bicycles from the October 1 inventory to Team America for $250 each, terms 2/10, n/30. 7 Received credit from the Nixon Bicycle Company for the return of 11 defective bicycles. 13 Issued a credit memo to Team America for the return of a defective bicycle. 14 Paid Nixon Bicycle Company in full, less discount. WILUJUUNI CON L the order presented in the problem aconsuming the company uses a perpetual inventory system (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, 2.520. Record journal entries in Date Account Titles and Explanation Debit Credit (To record credt sale) (To record cost of good sold) (Tocard credit grad for road goods) (To record oot of good returned)Step by Step Solution
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