Business, 24.02.2020 17:28 batmandillon21

On October 1, the Kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each. During the month of October the following transactions occurred. Assume Kile uses a perpetual inventory system. Oct. 4 Purchased 180 bicycles at a cost of $150 each from the Nixon Bicycle Company, on account. 6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, on account. 7 Returned 8 defective bicycles to Nixon Bicycle Company. 13 Team America returned one bicycle. 14 Paid Nixon Bicycle Company in full. Prepare a tabular summary to record the transactions assuming the company uses a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e. g. -45 or parentheses e. g. (45).)

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On October 1, the Kile Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 eac...

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