On October 1 Lance's Bicycle Store Had an Inventory of 20

question 44

Essay

On October 1 Lance's Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $350 each. During the month of October the following transactions occurred.
Oct. 4 Purchased 40 bicycles at a cost of $350 each from Lamont Bicycle Company terms 1/10 n/30.
6 Sold 20 bicycles to Team Minnesota for $500 each terms 2/10 n/30.
7 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles.
13 Issued a credit memo to Team Minnesota for the return of a defective bicycle.
14 Paid Lamont Bicycle Company in full less discount.
Instructions
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system.

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Definitions:

Whig Party

A political party active in the mid-19th century United States, advocating for federal government involvement in the economy and opposed to the Democratic Party's policies.

Slavery

was a system in which individuals were owned by others as property and forced to work without rights or compensation.

Electoral Realignment

A significant shift in voting patterns, often resulting in a change in political party dominance or policy focus.

Southern Strategy

A Republican Party electoral strategy to increase political support among white voters in the South by appealing to racism against African Americans.