Problem 1: On October 1, the Kla Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $150 each. During the month of October, the following transactions cocurred. Assume Kile uses a perpetual inventory system. Oct 4 Purchased 180 bicycles at a cost of $145 each from the Noxon Bicycle Company, ferms 2/10,n/30. 5 Paid freight of $900 on the October 4 purchase. 6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, terms 2H10, n30. 7 Roceived credit from the Noxon Bicycle Company for the retum of 8 defoctive Bicycles. 13. Issued a creda memo to Team America for the roturn of a wrong cloar bicycle. 14 Paid Nixon Bicyclo Company in full, less discount. Instructions Prepare the journal entries to record the transactions assuming the company uses a perpetual imentory syitem