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Question 1 (13 points) Mr. Ki's Bicycle Shop is a merchandising business that sells bicycles and bike parts. For the following transactions record the journal entries that would result. Remember that you must list the debit and credit for each transaction. The business uses a periodic inventory system and uses the following accounts: Bank, A/R, Merchandise Inventory Equipment, A/P, Ki, Capital, Ki,Drawings, Sales, Sales Returns, Sales Discounts, Purchases, Purchase Returns, Purchase Discounts, Freight In, Delivery Expense, Rent Expense, Advertising Expense, Wages Expense a) Oct. 3 Purchased 20 bicycles at a cost of $150 each from Lyons Bicycle Company on account, n/30. b) Oct. 6 Sold 20 bicycles to Team Canada for $250 each on account, terms n/30. c) Oct. 7 Received a credit from the Lyons Bicycle Company for the return of two defective bicycles at $150 each. d) Oct. 13 Issued a credit to Team Canada for the return of a defective e) Oct. 20 Paid transportation charges of $80 on the purchase for bicycles from a new supplier. f) Oct. 24 A customer paid off their $5,000 account to Ki Bicycle Store, receiving a discount of $100, paying a net amount of $4,900 to the store