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Record journal transactions for the following sales transactions of Benjis Bicycle Store. ACCOUNT TITLE, DEBIT,...

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Accounting

Record journal transactions for the following sales transactions of Benjis Bicycle Store. ACCOUNT TITLE, DEBIT, & CREDIT

Oct. 4 Sold 30 bicycles to Team Wisconsin for $260 each, terms 4/10, n/30, invoice dated October 4. The cost per bicycle was $50 each to Benjis Bicycle Store.

Oct. 7 Granted credit to Team Wisconsin for the return of five bicycles. Benjis Bicycle Store returns the bicycle to their inventory at full cost of $50 per bicycle.

Oct. 8 Team Wisconsin paid their account in full from the October 4 sale.

(b) Assume that Benjis Bicycle Company pays for shipping the bicycles to Team Wisconsin for the October 4 sale. Prepare the journal entry that Benjis Bicycle Company would record when it pays $270 for shipping.

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