online - Principles of Accounting On October 1, Taylor 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. 4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, 1/30. 6 Sold 15 bicycles to Team America for $300 each, terms 2/10,n/30. 7 Received credit from Lang Bicycle Company for the return of 2 defective bicycles. 13 Issued a credit memo to Team America for the return of a defective bicycle 14 Paid Lang Bicycle Company in full, less discount. Instructions Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. Paragraph B TEIE