On October 1, the Crane Bicycle Store had an inventory of 25 ten speed bicycles at a cost of $157 each. During the month of October, the following transactions occurred. Assume Crane uses a perpetual inventory system. Oct. 4 5 6 Purchased 180 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10, n/30. Paid freight of $1,000 on the October 4 purchase. Sold 15 bicycles from the October 1 inventory to Team America for $340 each, terms 2/10,n/30. Received credit from the Nixon Bicycle Company for the return of 8 defective bicycles. Issued a credit memo to Team America for the return of a defective bicycle. Paid Nixon Bicycle Company in full, less discount. 7 13 14 Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 2,520. Record journal entries in the order presented in the problem.) Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg. 2,520. Record journal entries 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 credit granted for returned goods) (To record cost of good returned)