Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory
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Question:
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. Purchased bikes at a cost of $ each from the Lyons Bike Company, under credit terms n FOB shipping point.
The correct company paid $ cash freight for above shipment
Sold bikes to Dougs Bicycle for $ each, terms n Terms FOB destination.
Received credit from the Lyons Bike Company for the return of defective bikes.
Issued a credit to Dougs Bicycle for the return of one bike from Oct sale.
Purchased with cash Office Supplies from the Office Depot in the amount of $
Dougs Bicycle paid their account in full
Paid Lyons Bike Company.
Required:
identify one transaction that would be recorded differently if Keiler used a periodic inventory system. Record that entry as if Keiler uses a periodic inventory system.
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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