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Part A journalise the above transactions

Part B calculate the balance of invenntory at oct.31 assuming the opening balance is 5000

Part c identify one transactions that eoulf be recored different if keiler used a periodic invintory system.

Question 2: 22 marks - 40 minutes Keilec 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 1/30,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 1/15,n/30. Terms FOB destination. Note: There are a total of 8 pages, including the cover page Page 4 of 8 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: (16 Marks) Journalize the above transactions Part B: (4 Marks) Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: (2 Mark) 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. Question 2: 22 marks - 40 minutes Keilec 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 1/30,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 1/15,n/30. Terms FOB destination. Note: There are a total of 8 pages, including the cover page Page 4 of 8 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: (16 Marks) Journalize the above transactions Part B: (4 Marks) Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: (2 Mark) 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

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