The Competition Snowboard Shop is an authorized dealer for the world famous K$202$ competition downhill snowboard. During the month of November, the following transactions occurred.

Nov. $2$ Purchased $12$ K$202$ competition downhill snowboards at a cost of $$500$ each from the K$2$ Company $($payment terms $\frac{3}{15},\frac{n}{30}).$

$7$ Sold $8$ K$202$ competition downhill snowboards to the Diablo Valley Ski Club for $$1,250$ each $($payment terms $\frac{2}{10},\frac{n}{30}).$

$8$ Received a credit memo from the K$2$ Company for the return of one defective K$202$ competition downhill snowboard purchased November $2^{nd}.$

$13$ Issued a credit memo to Diablo Valley Ski Club for the return of $3$ K$202$ competition downhill snowboards sold on November $7^{th}.$

$16$ Paid K$2$ 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 perpatual 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.