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*Exercise 235 On October 1, the kile Bicycle Store had an inventory of 20 ten...

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*Exercise 235 On October 1, the kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each. During the month of October the following transactions occurred. Assume Kile uses a perpetual inventory system Oct. 4 Purchased 180 bicycles at a cost of $150 each from the Nixon Bicycle Company, on account. 6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, on account. Returned 8 defective bicycles to Nixon Bicycle Company. 13 Team America returned one bicycle. 14 Paid Nixon Bicycle Company in full. Prepare a tabular summary to record the transactions assuming the company uses a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets - Liabilities + Stockholder's Equity Retained Earnings . Exp. - Div. + Cash Accounts Receivable Inventory Accounts Payable Common Stor Rev. Sales revenue Cost of goods sold Sales returns and allowances Cost of goods sold

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