Question 1 (31 marks) Part I (20 marks) Serenity Company (Serenity) is a shop selling electrical goods and adopts perpetual inventory method. As at 30 November 2021, the inventory account has a balance of $230,000 (Dr.). Below are transactions of Serenity in December. Prepare the journal entries of the transactions. December 1 Received $500 from a customer to settle an outstanding account. 3 5 10 Purchased electric cookers from Teta Company for $10,000 on account. Returned two defective cookers to Teta Company purchased on 3 December at $450 per piece. A customer returned two pieces of goods to Serenity. The customer originally bought the goods at $600 per piece, now received a cash refund. Serenity sold the goods at 20% gross profit rate. Paid the amount owed to Teta Company. Sold all the cookers bought from Teta Company this month on credit at 20% gross profit rate. Serenity conducted an inventory count and found there was $215,960 inventory on hand. 15 20 31