Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Advertising Expense Building Cash Cost of Goods Sold Current Portion of Mortgage Payable Current Portion of Non-Current Notes Payable Depreciation Expense Freight In Freight Out Furniture Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Merchandise Inventory No Entry Notes Payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Rent Revenue Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Short-Term Investments Supplies Supplies Expense Telephone Expense Unearned Revenue Utilities Expense

Question 10 Mark's Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below: Nov. 2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $950 each, terms 1/10, n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,400. The cost of each keyboard was $800. 5 Received a credit from Western Acoustic Inc. for the return of an acoustic guitar which was defective. The original invoice price was $450 and the guitar had been purchased on account. 7 One of the keyboards from the cash sale of Nov. 4 was returned to the store for a full cash refund because the customer was not satisfied with the instrument. 8 Purchased store supplies from a stationery store. Paid $125 for supplies. 10 Sold one Omega trumpet to the Toronto Regional Band, on account, for an invoice price of $2,700. Terms are 1/10, n/60. The trumpet had cost Mark's Music $1,420. 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 $2,300 for each saxophone. Terms are 1/10, n/30. 16 Returned to Yamaha Canada Inc. one of 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 Toronto Regional Band for the purchase of Nov. 10. 22 Paid balance owing to Yamaha Canada Inc. Prepare the journal entries to record the Mark's Music transactions. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost) > (To record the return) (To record the cost of the return) > (To record sales) (To record cost) (To record payment made for the purchase) (To record the cost of the return) > (To record sales) (To record cost) (To record payment made for the purchase) ord payment made for purchase) > Nov. 20