Exercise 201 On October 1, Lance's Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $350 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at a cost of $350 each from Lamont Bicycle Company, terms 1/10, 1/30. 6 Sold 20 bicycles to Team Minnesota for $500 each, terms 2/10, 1/30. 7 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles. 13 Issued a credit memo to Team Minnesota for the return of a defective bicycle. 14 Paid Lamont Bicycle Company in full, less discount. Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (Credit account titles are automatically indented when the amour in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > (To record credit sale) (To record cost of good sold.) (To record cost of good returned)