Q1: On October 1, ADAM Bicycle Store had an inventory of 20 ten speed bicycles at a of $200 each. During the month of October, the following transactions occurr cost 4 Purchased 30 bicycles at a cost of $200 each from Suhad Company, terms 2/10, 7 13 14 Instructions n/30 sold 18 bicycles to Nassar for $300 each, terms 2/10, n/30. Received credit from Suhad Company for the return of 2 defective bicycles. Issued a credit memo to Nassar for the return of a defective bicycle. Paid Suhad Company in full, less discount. Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. Q2:On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During Septe transactions and events occurred. mber, the following Sept. Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30. 4 Sept. 6 Received credit of $120 for the return of 6 backpacks purchased on Sept. 4 that were defective. Sept. 9 Sold 40 backpacks for $30 each to Oliver Books, terms 2/10, n/30. Sept. 13 Sold 15 backpacks for $30 each to Heller Office Supply, terms n/30. Sept. 14 Paid Hunter in full, less discount. Instructions Journalize the September transactions for Reid Supply