2 Short Question (20 marks) Mace Bicycle Store had an inventory of 20 speed bicyles ata , the bicycles ic d 57% ea Mace uves gross eth of October the following transactions occurred. A conth parchases and sales sed 200 bicycles at a cost of $175 each from the lyons Bicyle Compuny, act4 Purcha terms 2/10, n/30 Paid freight of $900 on the October 4 purchase Bicycle Company, Oct. S s 8 bicycles from the October 1 inventory to Team America for $250 terms 2/10, n/30 Lyons Bicycle Company tach, 12 defective bicycles in the purchase dated Oct. 4 and returned them to Oct. 13 Paid Lyons Bicycle Company Required: Prepare the journal entries to record the transactions assuming the company uses (1) A perpetual inventory system (2) A periodic inventory system