Use the Mountain Cycles data in Short Exercise 6-5. Requirements 1. Journalize the August 16 purchase of

Question:

Use the Mountain Cycles data in Short Exercise 6-5.
Requirements
1. Journalize the August 16 purchase of inventory on account.
2. Journalize the August 31 sale of inventory on account. Mountain sold each bicycle for $84.
3. Journalize the Cost of goods sold under average cost on August 31.
S6-9 Comparing Cost of goods sold under FIFO, LIFO, and average cost