On April 5, a customer returns 20 bicycles with a 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 the perpetual inventory system the periodic inventory system

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A: Solution: Periodic inventory entries does not include cost of sales entries. These are as under:

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Q: On April 5, a customer returns 22 bicycles with a sales price of $250 per bike to Barrio Bikes. Each…

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Q: On April 3, a customer returned $600 of merchandise that had been purchased withcash to Ryan…

A: Journal entry Journal entry refers to an entry that is made to record the financial transactions in…