On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the month of October, the following transactions occurred:
Oct. 3 Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30.
6 Sold 10 bikes for $1,500 each, terms n/30.
6 Freight of $250 on the October 6 sale was FOB shipping point.
7 Received credit from the Lyons Bike Company for the return of 2 defective bikes.
13 Issued a credit to a customer for the return of a bike. The bike was returned to inventory.
19 Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30.
20 Freight of $220 on the October 19 purchase was FOB shipping point.
29 Paid for the October 19 purchase.
Instructions
Using a perpetual inventory system, prepare the journal entries to record the transactions.

Question

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The Answer of On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the month of October, the following transactions occurred:
Oct. 3 Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30.
6 Sold 10 bikes for $1,500 each, terms n/30.
6 Freight of $250 on the October 6 sale was FOB shipping point.
7 Received credit from the Lyons Bike Company for the return of 2 defective bikes.
13 Issued a credit to a customer for the return of a bike. The bike was returned to inventory.
19 Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30.
20 Freight of $220 on the October 19 purchase was FOB shipping point.
29 Paid for the October 19 purchase.
Instructions
Using a perpetual inventory system, prepare the journal entries to record the transactions.

On October 1, Keiler Motorcycle Shop Had an Inventory of 20