Business, 01.12.2021 01:10 quinshayewilli3329

On October 1, Lance's Bicycle Store had an inventory of 20 ton speed bicycles at a cost of $350 each During the month of October, the following transactions occurred: Oct 4 Purchased 40 bicycles at a cost of $350 each from Lamont Bicycle Company, terms 1/10, n/30
Oct. 6 Sold 20 bicycles to Team Minnesota for $500 each terms 2/10, 1/30
Oct. 7 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles
Oct. 13 Issued a credit memo to Team Minnesota for the return of a defective bicycle
Oct. 14 Paid Lamont Bicycle Company in full less discount

Instructions:
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system

Answers: 3

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On October 1, Lance's Bicycle Store had an inventory of 20 ton speed bicycles at a cost of $350 each...