PART D: Merchandising Journal Entries (Application) - 12 marks Klondike Music sells musical instruments. During December, the following transactions occurred: Dec. 1 Klondike Music purchased 15 guitars at $250 each from International Music Centre (IMC) on account, terms n/30. 4 Klondike Music sold 2 guitars on account to K. Richards at $370 each. The original cost of the guitars to Klondike Music was $250 each. 6 Customer K. Richards returned one of the guitars purchased on Dec. 4 because it was the wrong colour. Klondike Music issued a credit to the customer. The guitar was then restored to inventory. 20 Klondike Music paid the full amount owing to International Music Centre (IMC) for the Dec 1 purchase. General Journal Account Titles & Explanation Date Debit Credit