On April 5, a customer returns 16 bicycles with a sales price of $270 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank.

On April 5, a customer returns 16 bicycles with a sales price of $270 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EA: On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each...

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On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account . The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
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