ABC Books is a small bookshop located in the heart of Cape Town. The company specialises in
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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 February financial yearend. During January the company made the following transactions:DateItemActionQuantity Jan To Kill a MockingbirdPurchase Jan To Kill a MockingbirdReturn Jan The Great GatsbyPurchase Jan To Kill a MockingbirdSale Jan The Great GatsbySale.Details: On January ABC Books purchased copies of To Kill a Mockingbird" at a cost of R per book, on credit from a supplier. On January ABC Books returned copies of To Kill a Mockingbird" to the supplier, as they were found to be damaged. On January ABC Books purchased copies of "The Great Gatsby" at a cost of R per book, in cash from a different supplier. On January ABC Books sold copies of To Kill a Mockingbird" at a price of R per book, receiving payment in cash. On January ABC Books sold copies of "The Great Gatsby" at a price of R per book, receiving payment in credit.REQUIRED:Record the above transactions for ABC Books for the month of January 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 firstinfirstout FIFO method.Ignore VAT and tax for this question. Dates are not required
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