Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 201 On October 1, Lance's Bicycle Store had an inventory of 20 ten 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 Company, terms 1/10,n/30. 6 Sold 20 bicycles to Team Minnesota for $500 each terms 2/10,n/30. 7 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles. 13 Issued a credit memo to Team Minnesota for the return of a defective bicycle 14 Paid Lamont Bicycle Company in full, less discount. Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation (To record credit sale.)