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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,

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.

Oct. 4 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.

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

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list of accounts:

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please include all calculations and answers.

Date Account Titles and Explanation Debit Credit To record credit sale.) To record cost of good sold.)

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