Described below are several transactions which might be recorded by a music supply company. Several accounts from the company's chart of accounts are also listed below. Using these account titles, record each transaction in proper journal entry format. A written explanation for each journal entry is not required. 
Definitions:
Barriers to Entry
Barriers consisting of financial, bureaucratic, or legal hindrances that restrict the entry of new players into a market or business sector.
Monopoly Resources
Natural or created resources over which a single entity has control, limiting competition and influencing market prices.
Price Effect
The price effect is an economic term describing the impact of a change in a product’s price on its demand and supply.
Total Revenue
The total receipts a company receives from sales of goods or services before any expenses are subtracted.
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