1. On October 1, Mr. B's Bicycle Store had an inventory of 10 ten speed bicycles at a cost of $200 each. During the month of October the following transactions occurred.

Oct. 3. Purchased 30 bicycles at a cost of $200 each from Mann Bicycle Company, terms n/30.

6. Sold 25 bicycles to Team USA for $300 each, terms 2/10, n/30.

7. Received credit from Mann Bicycle Company for the return of 2 defective bicycles.

13. Issued a credit to Team USA for the return of a defective bicycle.

19. Purchased 10 bicycles from Huffy Bicycle Company at a cost of $170 each, terms 2/10, n/30.

20. Paid freight of $80 on the October 19 purchase.

Instructions

Prepare the journal entries to record the transactions assuming the company uses a periodic inventory system.