Bluenote uses a perpetual inventory system. COGS is 85% of the selling price and the estimated return rate is 10%. The November 1balance in the A/R account is $85,000 and estimated uncollectible accounts is 5%. The company prepares monthly adjusting entries. The following transactions occurred during the month of November:2021Nov1Sold merchandise on account in the amount of $70,000, terms n/30. Nov 1Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity.5Merchandise was returned and restored into inventory. The inventory was originally sold for $20,000.9Received payment for 90% of the previous months outstandingreceivables15$4,000 that was previously written offis collected.InstructionsPrepare all the necessarytransactions for the month of November.(25 marks