Question

On October 1, Benji's Bicycle Store had an inventory of 20 ten speed bicycles at a...

On October 1, Benji's Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 40 bicycles at a cost of $200 each from Monroe Bicycle Company, terms 1/10, n/30.
6 Sold 25 bicycles to Team Wisconsin for $330 each, terms 2/10, n/30.
7 Received credit from Monroe Bicycle Company for the return of 2 defective bicycles.
13 Issued a credit memo to Team Wisconsin for the return of a defective bicycle.
14 Paid Monroe Bicycle Company in full, less discount.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On October 1, Benji’s Bicycle Store had an inventory of 20 ten speed bicycles at a...
On October 1, Benji’s Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at a cost of $200 each from Monrue Bicycle Company, terms 1/10, n/30. Oct. 6 Sold 25 bicycles to Team Wisconsin for $330 each, terms 2/10, n/30. Oct. 7 Received credit from Monrue Bicycle Company for the return of 2 defective bicycles. Oct. 13 Issued a...
20. On January 1, 2019, the stockholders’ equity section of Nance Corporation shows: Common stock ($5...
20. On January 1, 2019, the stockholders’ equity section of Nance Corporation shows: Common stock ($5 par value) $1,500,000; Paid-in capital in excess of par value - common stock $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar.     1   Purchased 30,000 shares for cash at $22 per share. July      1   Sold 6,000 treasury shares for cash at $27 per share. Sept.    1   Sold 5,000 treasury shares for cash at $19 per share. Nov.    1  ...
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual...
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct.    3   Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 2/10, N/45. FOB shipping point.           4   The correct company paid $150 cash freight for above shipment           6   Sold 10 bikes to Doug’s Bicycle for $1,500 each, terms n/30. Terms FOB destination.           7  ...
2. The following transactions were selected from October and November of ABC Company in 2020: -...
2. The following transactions were selected from October and November of ABC Company in 2020: - Oct.20 Sold four goods to Peter, who charged the $600 sales amount on his credit card. The credit card charges ABC Company a 2% credit card fee. - Oct.25 Sold 15 items of merchandise to Paul for $15,000, terms 2/10, n/30. - Oct.28 Sold 10 identical items of merchandise to Mary for $7,000; terms 2/10, n/30. - Oct.30 Mary returned one of the items...
Exercise 5-2 Assume that on September 1, Office Depot had an inventory that included a variety...
Exercise 5-2 Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,640, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $57 credit because they did not meet specifications. 12 Sold calculators costing $490 for $680 to Fryer...
Speedy Bicycle Company (SBC) is a wholesale distributor of a wide variety of bicycles and bicycle...
Speedy Bicycle Company (SBC) is a wholesale distributor of a wide variety of bicycles and bicycle parts. The most popular model is the Dragonfly, which sells for $170. All manufacturing is done at a plant in China, and shipment takes a month (30 days) from the time an order is placed. The estimated order cost is $75, including customs clearance. SBC’s cost per bicycle is 65% of retail price, and inventory carrying cost is 11% per year of SBC’s cost....
On September 1, Novak Office Supply had an inventory of 35 calculators at a cost of...
On September 1, Novak Office Supply had an inventory of 35 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept 6. Purchased with cash 85 calculators at $ 25 each from Larkspur Inc Sept 9 Paid freight of $85 calculators purchased from Larkspur Inc Sept 10 Returned 5 calculators to Larkspur Inc for $130 cash (including freight) because they did not meet specifications Sept 12 Sold 27 calculators...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Capers Company during October of the current year: Oct. 1. Purchased merchandise from UK Imports Co., $15,347, terms FOB destination, n/30. 3. Purchased merchandise from Hoagie Co., $9,900, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $235 was added to the invoice. 4. Purchased merchandise from Taco Co., $13,150, terms FOB destination, 2/10, n/30. 6. Issued debit memo to Taco Co. for $4,550 of merchandise returned...
james Company began the month of October with inventory of $21,000. The following inventory transactions occurred...
james Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $31,000 on October 12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October, merchandise costing $18,900 was...
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,200...
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,200 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $60 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT