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 Purchases bikes on account from Bikers R Us Wholesale for $ terms
tableALSERENICFAccount,DRCR
May Pays cash for freight costs of $ on bikes purchased from BRU.
May Returns bikes with a cost of $ to BRU, because part chere order is incorrect.
tableASENICFAccount,DRCR
May Pays the full amount due to BRU.
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May Sells all Bikes purchased on May less those returned on May for $ on account.
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Assume that payment to BRU is made on May instead of May Record this payment.
tableLSERENICFAccount,DRCR
