Prepare the jourmal entries to record the transactions, assuming the company uses a periodic inventory system.

7 8 During the month of October Mr. D's Bicycle Store had the following transactions occurred. Oct.3 Purchased 10 bicycles for $600 each on account, terms 2/10, 1/30. Purchases returns of $400 defective bicycles. Paid freight-in cost of S80 cash. Sold 5 bicycles to Team USA for $1000 cach, terms 2/10, n/30. Paid cash for purchase of bicycles on 3rd October Prepare the journal entries to record the transactions, assuming the company uses a periodic inventory system. Instructions 9 10