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 13 Issued a credit memo to Diablo Valley Ski Club for the return of 3 K202 competition downhill snowboards sold on November 7". 16 Paid K2 Company for the remaining balance due on the November 2 purchase. 17 Received payment from Diablo Valley Ski Club for the remaining balance due from the sale on November 7 . 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