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2 4 5 Mark's Music is a store that buys and sells musical instruments in the province of British Columbia, where the PST rate is 7% and the GST rate is 5%. Mark's Music uses a periodic inventory system. Transactions for the business are shown below. Nov. Purchased 3 electric guitars from Fender Supply Limited, on account, at a cost of $700 each. Made a cash sale of 2 keyboards for a total invoice price of $2.400 plus applicable taxes. The cost of each keyboard was $850. Received a credit memorandum from Western Acoustic Inc. for the return of an acoustic guitar that was defective. The original invoice price before taxes was $500 and the guitar had been purchased on account. Mark's Music intends to return the defective guitar to the original supplier. 7 One of the keyboards from the cash sale of November 4 was returned to the store for a full cash refund because the customer was not satisfied with the instrument. The keyboard, which cost $850, was returned to inventory. Purchased supplies from a stationery store. The price of the supplies is $200 before all applicable taxes. Sold one Omega trumpet to Regional Band on account for an invoice price of $5,100 before applicable taxes 10 The trumpet had cost Mark's Music $2,800. 13 Purchased two saxophones from Yamaha Canada Inc. on account. The involce price was $2,000 for each saxophone, excluding applicable taxes. Collected $4,450 on account. The payment included all applicable taxes. Returned to Yamaha Canada Inc. one of the saxophones purchased on November 13, as it was the wrong model. 16 Received a credit memorandum from Yamaha for the full purchase price. 20 Made a payment on account for the amount owing to Fender Supply Limited for the purchase of November 2. 8 14 Prepare the journal entries to record these transactions on the books of Mark's Music. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem. Round answers to 2 decimal places, es 5.275.75.) Debit Credit Date Account Titles and Explanation Nov. 2 Nov. 7 Nov. 8 Nov. 13 > >

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