QUESTION THREE (25 MARKS) (SUGGESTED TIME: 30 MINUTES) On October 1, Dana's Bicycle Store had an inventory of 20 speed blcycles at a cost of $200 each. During the month of October, the following transactions occurred. Purchased 40 bicycles at a cost of $200 each from Mayer Bicycle Company, terms 1/10, n/30 Oct. 4 6 7 Sold 25 bicycles to Team Chicago for 5330 each, terms 2/10, 1/30. Received credit from Mayer Bicycle Company for the return of a defective bicycles. Provided credit to Team Chicago for the return of one defective bicycle Pald Mayer Bicycle Company in full, less discount. 13 14 Required: Prepare the journal entries to record the transactions assuming the company uses a periodic Inventory system DATE ACCOUNT TITLE DEBIT CREDIT Ppt of 7