On April 5, a customer returns 22 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. 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. Apr. 5 Sales return Apr. 5 Cost of inventory returned 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. 88 Apr. 5 Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory Sales Returns and Allowances

Question
On April 5, a customer returns 22 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. 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.
Apr. 5 Sales return
Apr. 5 Cost of inventory returned
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.
88
Apr. 5
Accounts Receivable
Cash
Cost of Goods Sold
Merchandise Inventory
Sales Returns and Allowances
Expand
Transcribed Image Text

On April 5, a customer returns 22 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. 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. Apr. 5 Sales return Apr. 5 Cost of inventory returned 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. 88 Apr. 5 Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory Sales Returns and Allowances

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