On October 1, Ki's Bicycle Store Had an Inventory of 10

question 166

Essay

On October 1, Ki's Bicycle Store had an inventory of 10 mountain bicycles at a cost of $150 each. During the month of October, the following transactions occurred:
Oct. 3 Purchased 20 bicycles at a cost of $150 each from the Lyons Bicycle Company, terms n/30.
6 Sold 20 bicycles to Team Canada for $250 each, terms n/30.
7 Received credit from the Lyons Bicycle Company for the return of 2 defective bicycles.
13 Issued a credit to Team Canada for the return of a defective bicycle.
19 Purchased 10 BMX bicycles from Huffy Bicycle Company at a cost of $125 each, terms n/30.
20 Paid freight of $80 on the October 19 purchase.
Instructions
Prepare the journal entries to record the transactions assuming the company uses a periodic inventory system.

---

Definitions:

Corporate Values

Fundamental beliefs or principles that guide an organization's actions and decision-making processes, influencing its culture and public image.

Work-life Balance

Refers to the equilibrium between professional work and other aspects of life, emphasizing the importance of prioritizing both career and personal life.

Tax Shelters

Investment strategies or financial arrangements used to minimize or defer tax liabilities legally.