Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Matthew's Music is a store that buys and sells musical instruments and uses a perpetual irventory system. Trarsactions for the business are shown below: Nov.

image text in transcribed
Matthew's Music is a store that buys and sells musical instruments and uses a perpetual irventory system. Trarsactions for the business are shown below: Nov. 2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $800 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 $950. 5 Received a credit from Western Acoustic inc, for the return of an acousticguitar, which was defective. The original invoice price was $425 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 for cash from astationery store. The price of the supplies is $225. 10 Sold one Omega trumpet to the Toronto Regional Band, on account, for an imvoice price of $3,200 Terms are 1/10,n/60. The trumpet had cost Matthew'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 smaphione. 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 Yomaha for the full purchase price. 20 Received a cheque for the aporopriate amount from the Joronto Regional Eand for the purchase of Nov. 10. 22. Paid balance owing to Yamaha Canada inc: Prepare the joumal entries to record Matthews Music tramactions aswuming the company uses the earn ins operoach to recosenire revenve. (Credit account tities are outomaticaly indented when the amount is entered. Do not indent manually. If ne ertify is requiled, ielect "No Entry' for the account tities and enter O for the amounts, Record journol entries in the order presented in the problem List all atebit 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

The Audit Principle 5 Powerful Steps To Align Your Life With The Laws Of Success

Authors: Jane Ann Craig

1st Edition

1732729107, 978-1732729100

More Books

Students also viewed these Accounting questions