Exercise: Taylor Bicycle Store During the month of October, the following transaction occurred Oct.4 Purchased...
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Accounting
Exercise: Taylor Bicycle Store During the month of October, the following transaction occurred Oct.4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30 Oct.4 Paid transportation cost of $15 for each bicycle Oct.5 Received credit from Lang Bicycle Company for the return of 2 defective bicycles Oct.7 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30 Oct.8 Received 1 defective bicycle from Team America Oct.16 Paid Lang Bicycle Company for the purchase of Oct.4 Oct.17 Received the payment from Team America for the sale of Oct.7 Oct. 31 Record the cost of goods sold expense (for Periodic Inventory System) Required: Prepare the journal entries to record the transaction under periodic inventory system and perpetual inventory system
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