Chapter 5 Hand-out Assignment Question 1 On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $ 1,150 each. During the month of October, the following transactions occurred: Oct. 3 Purchased 10 bikes at a cost of $ 1,150 each from Lyons Bike Company, terms n/30. 6 Sold 10 bikes for $1,500 each, terms n/30. 6 The appropriate company paid freight of $ 250 on the October 6 sale was FOB shipping point. Received credit from Lyons Bike Company for the return of 2 defective bikes. 19 Purchased 8 bikes from Huffy Cycle Company at a cost of $ 1,125 each, terms 2/10, n/30. 20 Freight of $ 220 on the October 19 purchase was FOB shipping point and paid by the appropriate company. 29 Paid for the October 19 purchase. Instructions Using a perpetual inventory system, prepare the journal entries to record the transactions