2204 (Remotely Proctored) 2:27:42 Question A: Accounting for Sales Revenue and Receivables (10 marks: 16 minutes) Office Solutions, Inc solls copiers, printers, laptops, tablets and other types of office equipment. During dan 2021, the following transactions occurred January 10 - Purchased five printers on account from Tsang Inc. at a cost of $200 each. The creditem are 10 n/30 January 17 - Sold four printers on account to Mytko & Sons, Ltd. for $400 per printer. The credin terms are 2/10 n/30 January 19 - Paid the amount due to Tsang Inc. January 21 - One of the printers sold to Mytko & Sons Ltd. was found to be different from what Mylko ordered and was returned to Office Solutions for full credit January 23 - Office Solutions returned a printer to Tsang Inc, and was promised a refund for the amount paid January 26 - Received the amount due from Mytko & Sons Ltd. Required: 1. Prepare the journal entries to record the transactions that occurred on January 17,19,21 and 26 in the accounting records of Office Solutions. The company uses a perpetual inventory system. Omit narrative explanations. (8.5 marks) 2. Assume that Office Solutions Inc. did not have enough cash to pay the amount due to Tsang Inc. on January 19, but could have borrowed the required amount from the local bank at an annual interest rate of 15% Should the company borrow the required amount from the bank to pay Tsang Inc. on January 197 Explain (1.5 marks)