Metal Music Ltd is a retail store specialising in musical instruments and other musical items for rock
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Question:
Metal Music Ltd is a retail store specialising in musical instruments and other musical items for rock and metal musicians. At the beginning of February 2020, the ledger of Metal Music Ltd showed Cash $2,500; Inventory $1,700; and Share capital $4,200. The company uses a perpetual inventory system. The following transactions were completed during February 2020:
(1) Journalise the February transactions (ignore GST and narrations are not required).
(2)Prepare a statement of profit or loss up to gross profit for the month ended 28 February 2020.
- 27th Feb - this transaction doesn't state that any inventory was returned, so you assume that the customer keeps the faulty strap (eg. it may have been a faded colour but apart from that it is usable to the customer who keeps the strap and is granted an allowance of $30.)
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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