A B D E F G H 1 J K L 1 Exercise 2 Consider the following transactions that occurred in February, 2012 for Diamonds, Inc. VAT ignored! 3 4 Feb 1 Diamons Inc was established and owner invested 10000 (cash) 5 Feb 3 Purchased inventory items on account 3000 (on account = invoice received) 6 Feb 4 Purchased inventory for cash 1500 7 Feb 5 Returned 300 of inventory from Feb. 3 purchase, supplier gives a credit note for this 8 Feb 8 Sold goods to Netdiamonds Ltd. on account of 5000, cost of these goods was 2400 (on account = invoice sent to customer) 9 Feb 10 Paid for goods purchased on Feb 3 10 Feb 23 Received payment from Feb 8 customer 11 Feb 25 Sold goods to Streetgold Ltd. for 900, invoice was sent and cost of goods sold was 350. 12 Feb 29 Received payment, 500 from Streetgold Ltd. 13 14 Post the above transactions to T-Accounts. Give names to accounts needed. 15 How much the gross profit is for February in and in percentage? 16 Form also balance sheet on 29th of Feb. 17 18 19 20 21 22 23 24 25 26 27 28 Exercise Diamonds + Inventory_COGS Accessibility: Investigate Ready