Problem: On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.
Oct. 4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30.
Oct. 6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30.
Oct. 7 Received credit from Lang Bicycle Company for the return of 2 defective bicycles.
Oct. 13 Issued a credit memo to Team America for the return of a defective bicycle.
Oct. 14 Paid Lang Bicycle Company in full, less discount.
Required: Prepare the journal entries to record the transactions, assuming the company uses a perpetual inventory system.
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