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Oct 4 On October 1, the Crane Bicycle Store had an inventory of 27 ten...

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Accounting

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Oct 4 On October 1, the Crane Bicycle Store had an inventory of 27 ten speed bicycles at a cost of $158 each. During the month of October, the following transactions occurred. Assume Crane uses a perpetuat inventory system Purchased 193 bicycles at a cost of $150 each from the Nixon Bicycle Company,terms 2/10,n/30, Pald freight of $900 on the October 4 purchase Sold 17 bicycles from the October 1 inventory to Team America for $330 each terms 2/10, 1/30 Received credit from the Nixon Bicycle Company for the return of 21 defective bicycles. Issued a credit memo to Team America for the return of a defective bicycle Paid Nixon Bicycle Company in full, less discount 5 6 7 13 14 Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, 0.8. 2,520. Record journal entries in the order presented in the problem.)

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