The Competition Snowboard Shop is an authorized dealer for the world famous K202 competition downhill snowboard. During the month of November, the following transactions occurred.

Nov. 2 Purchased 12 K202 competition downhill snowboards at a cost of $500 each from the K2 Company (payment terms 3/15, n/30).

7 Sold 8 K202 competition downhill snowboards to the Diablo Valley Ski Club for $1,250 each (payment terms 2/10, n/30).

8 Received a credit memo from the K2 Company for the return of one defective K202 competition downhill snowboard purchased November 2^nd.

13 Issued a credit memo to Diablo Valley Ski Club for the return of 3 K202 competition downhill snowboards sold on November 7^th.

16 Paid K2 Company for the remaining balance due on the November 2^nd purchase.

17 Received payment from Diablo Valley Ski Club for the remaining balance due from the sale on November 7^th.

Instructions

Prepare journal entries in proper form with correct account names to record the above transactions assuming the The Competition Snowboard Shop uses a perpetual inventory system. Prepare the entries in date order, and be sure to note the dates for each entry.

Suggestions to Help You on this Quiz:

Before preparing the journal entries, once again, do a review of the Introduction Module covering perpetual inventory.

Pay close attention to the dates of each transaction.

The Competition Snowboard Shop is an authorized dealer for the world famous K202 competition downhill snowboard. During the month of November, the following transactions occurred. Nov. 2 Purchased 12K202 competition downhill snowboards at a cost of $500 each from the K2 Company (payment terms 3/15,n/30 ). 7 Sold 8 K202 competition downhill snowboards to the Diablo Valley Ski Club for $1,250 each (payment terms 2/10,n/30 ). 8 Received a credit memo from the K2 Company for the return of one defective K202 competition downhill snowboard purchased November 2nd. 13 Issued a credit memo to Diablo Valley Ski Club for the return of 3 K202 competition downhill snowboards sold on November 7th. 16 Paid K2 Company for the remaining balance due on the November 2nd purchase. 17 Received payment from Diablo Valley Ski Club for the remaining balance due from the sale on November 7th. Instructions Prepare journal entries in proper form with correct account names to record the above transactions assuming the The Competition Snowboard Shop uses a perpetual inventory system. Prepare the entries in date order, and be sure to note the dates for each entry. Suggestions to Help You on this Quiz: 1. Before preparing the journal entries, once again, do a review of the Introduction Module covering "perpetual" inventory. 2. Pay close attention to the dates of each transaction