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  3. on october 1, lance's bicycle store had an invento

On October 1, Lance's Bicycle Store had an inventory of 20 ter speed bicycles at...

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Accounting

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On October 1, Lance's Bicycle Store had an inventory of 20 ter speed bicycles at a cost of $350 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at a cost of $350 each from Lamont bicycle Comary terms 1/10, 1/30. 6 Sold 20 bieydes to Team Minnesota for $500 each terms 2/10, Received credit from Lamont Bicycle Company for the return of defective bides 13 Issued a credit mame to Team Minta for the return of a defective bicycle 14 Paid monteyde Company in less Prepare the journal entries to record the transactions in the companys perpetual ventory system. (Credit account titles are automatically indented when the amount entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit (To record credit sale.)

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