Prepare the required journal entries-transactions

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Reference no: EM131292137

Maia's Bike Shop uses the perpetual inventory system and had the following transactions:

May 1: Purchased $4,000 of inventory. Credit terms 2/10, n/30.

May 3: Sold poducts to a customer on credit for $600, terms 2/10, n/30. The cost was $350

May 4: Returned $200 of defective purchases from May 1.

May 11: Paid the amount due on May 1 purchase.

May 8: Customer from May 3 returned products to us we sold to them for $100 with a cost of $55.

May 13: Customer from May 3 paid us in full taking the discount.

Prepare the required journal entries that Maia's Bike Shop must make to record these transactions.

Reference no: EM131292137

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