ACC$106$ Final

Question $16$ of $17$

$\frac{-}{10}$

$10$ Made a payment on account for the amount owing to Fender Supply Limited for the purchase of Nov. $2.$

$13$ Purchased two saxophones from Yamaha Canada Inc. on account. The invoice price was $$2,200$ for each saxophone. Terms are $\frac{1}{10},\frac{n}{30}.$

$16$ Returned to Yamaha Canada Inc. one ff the saxophones purchased on Nov. $13,$ as it was the wrong model. Received a credit from Yamaha for the full purchase price.

$20$ Received a cheque for the appropriate amount from the Toronto Regional Band for the purchase of Nov. $10.$

$22$ Paid balance owing to Yamaha Canada Inc.

Prepare the journal entries to record Edward's Music transactions assuming the company uses the earnings approach to recognize revenue. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

Merchandise Inventory

Accounts Payable

Cash