On October 1, Belton Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct.4Purchased 30 bicycles at a cost of $200 each from Kuhn Bicycle Company, terms 2/10, n/30.

6 Sold 18 bicycles to Team America for $300 each, terms 2/10, n/30.

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

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

14Paid Kuhn Bicycle Company in full, less discount.

Instructions

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