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III. (6 Points)
On October 1, Jeddah Bicycle Store had an inventory of 20 bicycles at a cost of SR 200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 30 bicycles at a cost of SR 200 each from Youth Bicycle Company, terms 2/10, n/30.
6 Sold 18 bicycles to Al Saudiah Store for SR 300 each, terms 2/10, n/30.
7 Received credit from Youth Bicycle Company for the return of 2 defective bicycles.
13 Issued a credit memo to Al Saudiah Store for the return of a defective bicycle.
14 Paid Youth Bicycle Company in cash.

Required:
Prepare the journal entries to record the above transactions assuming the company uses a perpetual inventory system.

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