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Problem Two: JC Bikes has the following transactions during May. Analyze and record the transactions...

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Accounting

Problem Two: JC Bikes has the following transactions during May.
Analyze and record the transactions of JC Bikes, assuming the company uses a perpetual inventory system.
May 2 Purchases bikes on account from Bikers R Us Wholesale for $3,300, terms 110,n30.
\table[[A,L,SE,R,E,NI,CF,Account,DR,CR,],[,,,,,,,,,,]]
May 3 Pays cash for freight costs of $200 on bikes purchased from BRU.
May 5 Returns bikes with a cost of $400 to BRU, because part chere order is incorrect.
\table[[A,L,SE,R,E,NI,CF,Account,DR,CR,],[,,,,,,,,,,]]
May 10 Pays the full amount due to BRU.
\table[[A,L,SE,R,E,NI,CF,Account,DR,CR,,],[,,,,,,,,,,,],[,,,,,,,,,,,]]
May 30 Sells all Bikes purchased on May 2(less those returned on May 5) for $4,000 on account.
\table[[A,L,SE,R,E,NI,CF,Account,DR,CR,],[,,,,,,,,,,],[,,,,,,,,,,]]
Assume that payment to BRU is made on May 24 instead of May 10. Record this payment.
\table[[A,L,SE,R,E,NI,CF,Account,DR,CR,],[,,0,,,,,,,,]]
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