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out References Mallings Review View Help Ao El AaBb AaBbced AaBbccbd AaBbccc Heading No...

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out References Mallings Review View Help Ao El AaBb AaBbced AaBbccbd AaBbccc Heading No Spac. Heading 2 Normal Paragraph Soles b) On October 1, Cycle Mania, a bicycle store had an inventory of 15 twelve-speed bicycles at a cost of $150 each. During the month of October, the following transactions occurred. Oct 3 Purchased 25 bicycles at a cost of $150 each from the Lyons Bicycle Company Ltd; terms n/30. 6 Sold 12 bicycles to Team Australia at $250 each; terms 2/10, n/30. 7 Received credit from the Lyons Bicycle Company Ltd for the return of 2 defective bicycles. 13 Issued a credit to Team Australia for the return of one defective bicycle. 19 Purchased 10 bicycles from Huffy Bicycle Company Ltd at a cost of $125; terms 2/10,n/30. 20 Paid freight of $80 on the October 19 purchase. Required: Prepare the journal entries to record the transactions assuming the company uses a periodic inventory system. (11 marks) Question 1b - Answer Date Accounts Debit Credit O 20C 33

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