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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.

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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, a cost of $950 each, terms 1/10, 4 Made a cash sale of two keyboards for a total invoice price of $2,600. The cost of each keyboard was $50 5 Received a credit from Western Acoustic Inc. for the return of an acoustic guitar, which was defective. The orginal voice price was 5475 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 B Purchased store supplies from a stationery store. The price of the supplies is $200 10 Sold one Omega trumpet to the Toronto RegionalBand, on account for an invoice price of $2,800. Terms we 1/10, 1/60. The trumpet had cost Mark's Music 51,420 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 invoke price was $2.500 for each saxophone terme 1/10, 30. Returned to Yamaha Canada Inc. one of the saxophones purchased on Nov. 13, as it was the wrong model Received 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 Mark's Music transactions suming the company uses the earnis approach to recognize eve (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 accountries and enter for the amounts Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Dehat Credit 16 v (Cash sale (to record cost of goods sold)

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