Question 4 During the month of October, the following transactions occurred at Shakati's Bicycle Shop: Oct 3 Purchased 100 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30 Oct 6 Sold 40 bikes for $1,500 each, terms n/30. Oct 6 Freight of $250 on the October 6 sale was FOB shipping point. Oct 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. Oct 13 Issued a credit to a customer for the return of a bike. The bike was returned to inventory. Oct 19 Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30. Oct 20 Freight of $220 on the October 19 purchase was FOB shipping point. Oct 29 Paid for the October 19 purchase. Instructions: Prepare the journal entries to record the transactions under the periodic system Prepare the journal entries to record the transactions under the perpetual system 4/5