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Journalise transactions fo month of may for road bike ltd

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Reference no: EM132519593

Road Bike Ltd is a growing business buying and selling bikes in Sydney, and the business uses perpetual inventory system to record its inventory transactions. The following transactions were completed during the month of May 2020:

May 6 Purchased bikes from ABC Ltd $8,400, terms 3/7, n/30.

8 Sold inventory to Bike R U Ltd $9,000, terms 2/7, n/30. The inventory cost $6,000.

10 Received credit of $840 from ABC Ltd for ONE bike that that was returned.

12 Paid ABC Ltd the amount owing.

13 Granted an allowance of $500 to Bike R U Ltd for a bike that was faulty. The cost of the bike was $350.

14 Received a cheque from Bike R U Ltd in settlement of its account.

Required

Question 1: Journalise the above transactions for the month of May for Road Bike Ltd using a perpetual inventory system. IGNORE GST.

Reference no: EM132519593

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