On October 1, Lances 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.

Purchased 40 bicycles at a cost of $350 each from Lamont Bicycle Company, terms 1/10, n/30.

6 Sold 20 bicycles to Team Minnesota for $500 each, terms 2/10, n/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.

yes journal entries