ABC Books is a small bookshop located in the heart of Cape Town. The company specialises in selling rare and vintage books to collectors and enthusiasts. ABC Books has a $28$ February financial year$-$end. During January $2023,$ the company made the following transactions:DateItemActionQuantity$1$ Jan $2023$To Kill a MockingbirdPurchase$20$$10$ Jan $2023$To Kill a MockingbirdReturn$(3)$$15$ Jan $2023$The Great GatsbyPurchase$15$$20$ Jan $2023$To Kill a MockingbirdSale$(12)$$25$ Jan $2023$The Great GatsbySale.Details:$•$ On $1$ January $2023,$ ABC Books purchased $20$ copies of $"$To Kill a Mockingbird" at a cost of R$200$ per book, on credit from a supplier.$•$ On $10$ January $2023,$ ABC Books returned $3$ copies of $"$To Kill a Mockingbird" to the supplier, as they were found to be damaged.$•$ On $15$ January $2023,$ ABC Books purchased $15$ copies of "The Great Gatsby" at a cost of R$250$ per book, in cash from a different supplier.$•$ On $20$ January $2023,$ ABC Books sold $12$ copies of $"$To Kill a Mockingbird" at a price of R$350$ per book, receiving payment in cash.$•$ On $25$ January $2023,$ ABC Books sold $10$ copies of "The Great Gatsby" at a price of R$400$ per book, receiving payment in credit.REQUIRED:Record the above transactions for ABC Books for the month of January $2023,$ in the following general ledger accounts:$•$ Cost of sales and$•$ InventoryAssume ABC Books uses the perpetual recording method to record inventory and calculates the cost of sales using the first$-$in$-$first$-$out $($FIFO$)$ method.Ignore VAT and tax for this question. Dates are not required

 

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ABC Books General Ledger Transactions January 2023 Perpetual Inventory System FIFO Method Transactions Date Item Action Quantity Unit Price R Total R ... View the full answer