Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kenneth's Music is a store that buys and sells musical instruments and uses a perpetual inventory syster. Transactions for the business are shown bekow. Nov.2

image text in transcribed
image text in transcribed
image text in transcribed
Kenneth's Music is a store that buys and sells musical instruments and uses a perpetual inventory syster. Transactions for the business are shown bekow. Nov.2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $850 each, terris 1/10, n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,300. The cost of each keyboard was $900. 5 Received a credit from Western Acoustic inc, for the return of an acoustic guitar, which was defective. The or iginal invoice price was 5425 and 11 se gatar hal be; purchased on account. 7 One of the keyboards from the cash sale of Nov. 4 was returned to the store for a fyll cash refund becaune the customer was not satisfied with tive ifstrianen. 8 Purchased store supplies for cash from a stationery store. The price of the supplies is $225. 10 Sold one Omega trumpet to the Toronto Regional Band, on account, for an invoice grice of $2.900, Terms are 1/10, n/60. The trumipet had cist Kennetis Mur $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 Carada inc on account. The irvoice price was $2,600 for each saxophone Terwesare 1/10, rv 30. 8 Purchased store supplies for cash from a stationery store. The price of the supplies is $225. 10 Sold one Omega trumpet to the Toronto Regional Band, on account, for an irvoice price of $2,900, Terms ace 1/10, rvea. The trumpet had cost Keinittis Manic $1,420 10 Made a payment on account for the arnount owing to Fender Supply timited for the purchase of Nov: 2. 13 Purchased two saxophones from Yamaha Canada inc on account. The irvoice price was $2,600 for each samphone. Term 16 Returned to Yamaha Canada inc, one of the sawphanes purchaced on Nov. 13, as it was the wrong medel. Received a credit from Yamaba for the fili purtiaue prics 20 Received a cheque for the appropriate amount from the Toronto Regional \&and for the purchase of Nov. 10. 22 Paid balance owing to Yamaha Canada Inc. indented when the amount is entered. Do not indent manuplly. If no entry is required, select "No Entry" for the account titles and enter 0 for the ameunts. Record jamal entria in the erde presented in the problem. List all debit entries before credit entries) presented in the problem. Ust all debit entries before credit entries)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Cost Accounting

Authors: Colin Drury

9th Edition

1408093936, 978-1408093931

More Books

Students also viewed these Accounting questions