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Accounting 205 Financial Accounting Purchase and Sale Entries On February 1,...

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Accounting 205 Financial Accounting Purchase and Sale Entries On February 1, Blue Bicycle Store had an inventory of 20 ten-speed bicycles at a cost of $150 each. During the month of February, the following transactions occurred. Assume Blue Bicycle Store uses a perpetual inventory system Feb. 4 Purchased 180 beach bicycles at a cost of S145 cach from Purple Bikes Co, tcrms 2/10, 1/30 Inventory 26.100 AIR 26,100 5 Paid freight of $900 on the February 4 purchase. Inventory cash 900 900 6 Sold 10 ten-speed bicycles from the February I inventory to Green Team for $250 each, terms 2/10, n/30 AIR 2500 Sales revenue 2,500 CGS Inventory 7 Received credit from Purple Bikes Co. for the return of 8 defective beach bicycles, 13 Blue Bicycle Store shipped one wrong bike to Green Team. As such, Green Team returns the bike and Blue Bicycle Store issues a credit memo to Green Team 14 Paid Purple Bikes Co. in full, less discount

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