1 4 6 ToneLife Music selis musical instruments. The following data relates to ToneLife's inventory of guitars On January 1, 2021, ToneLife had 12 guitars in inventory at a cost of $ 250 each. During January, the following transactions occurred: Jan Purchased 15 guitars at $ 250 each from International Music Centre (IMC) on account terms 1/30 Sold 2 guitars for cash at $ 370 each. One of the two guitars sold on January 4 was returned because it was defective. A full cash refund was paid, The defective guitar was returned to IMC for a credit on account Sold 21 guitars at $ 300 on account, terms 2/10, 1/30 Purchased 10 guitars from IMC for $ 250 each on account, terms 1/30, 25 Paid the full amount owing to IMC. Collected the balance owing from the January 16 sale. 7 16 18 29 Based on the information provided in the page above, prepare the journal entries to record ToneLife Music's January transactions assuming the company uses periodic inventory system. For two transactions in the same date, create the sales transaction first and then create the inventory transaction. Select Not Required if a transaction is not required