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Marks Music is a store that buys and sells musical instruments and uses a periodic inventory system. Transactions for the business are shown below: Nov.
Marks Music is a store that buys and sells musical instruments and uses a periodic 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 $2,600. The cost of each keyboard was $850. | |
5 | Received a credit from Western Acoustic Inc. for the return of an acoustic guitar which was defective. The original invoice price was $475 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. The price of the supplies is $200. | |
10 | Sold one Omega trumpet to the Toronto Regional Band, on account, for an invoice price of $2,800. Terms are 1/10, n/60. The trumpet had cost Marks Music $1,420. | |
12 | 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 $2,600 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 the Toronto Regional Band for the purchase of Nov. 10 | |
22 | Paid balance owing to Yamaha Canada Inc. |
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