Perpetual Inventory Adjusting \& Closing Entries - Using a perpetual inventory system, prepare the adjusting and closing journal entries using the information provided. 14. The following is a random list of the accounts and their balances for Gordon Auto Sales (a proprietorship owned by A. Gordon) on December 31, 20-1. The company uses a perpetual inventory system. Note: A physical count of inventory on December 31,201 reveals $645,500 on hand. Perpetual Inventory Journal Entries - Using a perpetual inventory system, prepare the fournal entries to rocord the transactions using the journal paper provided. 13. On October 1, Stiner Bicycle Store had an inventory of 20 ten-speed bicycles at a cost of $150 each. During the month of October, the following transactions occurred. Oct. 3 Purchased 20 bicycies at a total cost of $3,000 from the Lyons Bicycle Company, terms n/30. 6 Sold 10 bicycles to Team Canada for $2,500, terms n/30. 6 Freight of $50 on the October 6 sale was FOB shipping point. 7 Received a $300 credit from the Lyons Bicycle Company for the return of 2 defective bicycles. 13 Issued a $250 credit to Team Canada for the retum of a defective bicycle. 19 Purchased 100 bicycles from Huffy Bicycle Company at a cost of $150, terms n/30. 20 Freight of $80 on the October 19 purchase was FOB shipping point. 22 Paid for the October 19 purchase