Forrest's Cycle Shop, Inc. uses the gross method of accounting for sales and a perpetual inventory accounting system and had the following transactions during the month of July: Prepare the required journal entries that Forrest's Cycle Shop, Inc. must make to record these transactions.

Question

Forrest's Cycle Shop, Inc. uses the gross method of accounting for sales and a perpetual inventory accounting system and had the following transactions during the month of July:  Prepare the required journal entries that Forrest's Cycle Shop, Inc. must make to record these transactions.

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The Answer of Forrest's Cycle Shop, Inc. uses the gross method of accounting for sales and a perpetual inventory accounting system and had the following transactions during the month of July:  Prepare the required journal entries that Forrest's Cycle Shop, Inc. must make to record these transactions.