On October 1, the Sheridan Bicycle Store had an inventory of 23 ten speed bicycles at a cost of $158 each. During the month of October, the following transactions occurred. Assume Sheridan uses a perpetual inventory system. Oct. 4 5 6 7 13 14 Purchased 197 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10, n/30. Paid freight of $900 on the October 4 purchase. Sold 13 bicycles from the October 1 inventory to Team America for $320 each, terms 2/10, n/30. Received credit from the Nixon Bicycle Company for the return of 25 defective bicycles. Issued a credit memo to Team America for the return of a defective bicycle. Paid Nixon 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 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.) Date Account Titles and Explanation Debit Credit

Prepare the joumal entries to record the transactions assuming the company uses a perpetual invensory sytem. iCredit account titles are outomatically indented when the amount icentered. Do not indent manually. Round antwers to o declimat piace, es. 2,520. Record journal entries in the order presented in the problem.] On October 1, the Sheridan Bicycle Store had an inventory of 23 ten speed bicycles at a cost of $15.8 each. During the month of October, the following transactions occurred. Assume Sheridan uses a perpetual inventory system. Oct. 4 Purchased 197 bicycles at a cost of $150 each from the Nixon Bicycle Company, terms 2/10,n/30. 5 Paid freight of $900 on the October 4 purchase. 6 Sold 13 bicycles from the October 1 inventory to Team America for $320 each, terms 2/10,n/30. 7 Received credit from the Nbon Bicycie Company for the return of 25 defective bicycles. 13 Issued a credit memo to Team America for the return of a defective bicycle. 14 Paid Nixon 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 amount is entered. Do not indent manually. Round answers to 0 decimal places. es. 2,520. Record fournat entries in the order presented in the probtem.) (To record cost of good sold) (To record credit granted for returned goods) (To record cost of good retumed)