How do you do journal entries for the following ?
How do you do journal entries for the following ?
Finn Music is a retail store specialising in musical instruments and consumables for rock and metal musicians. At the beginning of February 2017, the ledger of Finn Music showed Cash $2,500; Inventory $1,700; and Share Capital $4,200. The following transactions were completed during February:
Feb. 6- Purchased electric guitars from Guitars R Us Ltd $840, terms 3/7, n/30.
Feb. 7- Paid freight on Guitars R US Ltd purchase $40.
Feb. 8- Sold inventory to customers $900, terms n/30. The inventory cost $600.
Feb. 10- Received credit of $84 from Guitars R Us Ltd for a guitar that was returned.
Feb. 11- Purchased guitar strings from Strings N Things for case $300.Â
Feb. 13- Paid Guitars R Us Ltd in full.
Feb 14- Purchased Guitar straps and leads from Musical Importers Ltd $500, terms 2/7, n/60.
Feb. 15- Received cash refund of $50 from Strings N Things for damaged inventory that was returned.
Feb. 17- Paid freight on Musical Importers Ltd purchase $30.
Feb. 18- Sold inventory to customers $900, terms n/30. The cost of the inventory was $530.
Feb. 20- Received $500 in cash from customers in settlement of their accounts.
Feb 27- Granted an allowance of $30 to a customer for a guitar strap that was faulty.
Feb 28- Received cash payments on account from customers $500.
Answers
Status NEW
Posted 09 May 2017 05:05 AM
My Price 20.00
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