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r 1, the Mace Bicycle Store had an inventory of 20 octobe oth of October...

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Accounting

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r 1, the Mace Bicycle Store had an inventory of 20 octobe oth of October the following transactions occurred speed bicycles at a cost of $175 eadh Assume Mace uses gross method to recart hases and sales. Purchased 200 bicycles at a cost of $175 each from the Lyons Bi oct. Co terms 2/10, n/30. mpany, dt.5 Paid freight of $900 on the October 4 purchase. c Sold 8 bicycles from the October 1 inventory to Team America for $2 erica for $250 each oct. 6 Oct. 7 Oct. 13 Paid Lyons Bicycle Company. terms 2/10, n/30 Found 12 defective bicycles in the purchase dated Lyons Bicycle Company oros Oct. 4 and returned them to Required: Prepare the journal entries to record the transactions assuming the company uses (1) A perpetual inventory system (2) A periodic inventory system

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