Part II (20 marks) Cross Shop is engaged in the following transactions during February 2019. Purchased 1,000 boxes of masks for resale for $120 per box from 6M Company on account. 2 Returned 10 boxes of defective masks to 6M Company. 5 Sold 200 boxes of masks to a customer for $180 per box for cash. Paid half of the amount owed to 6M Company for the masks purchased on 2 February The customer returned 10 boxes of masks purchased on 8 February to Cross Shop because they are in the wrong color. Purchased 100 boxes of bandages for resale for $150 per box from 6M Company by cash. Received $5,000 cash in advance from a customer for the bandages which will be delivered on 5 March 2019. 8 22 26 27 27 A complete physical inventory taken as at 28 February 2019 indicates goods costing $130,700 remains in stock Required: (a) Prepare the journal entries for the above transactions in February 2019. (14 marks) (b) Using the information in Part I and II above, prepare two closing entries at 28 February 2019 to create the Cost of Goods Sold account and update the Inventory (6 marks) account