Metal Music Ltd is a retail store specialising in musical instruments and consumables for rock and metal musicians. At the beginning of February 2019, the ledger of Metal Music Ltd showed Cash $2,500; Inventory $1,700; and Share capital $4,200. The following transactions were completed during February:
Required:
(a) Journalise the February transactions (ignore GST).
(b) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.
(c) Prepare a trial balance on 28 February 2019.
(d) Prepare an income statement up to gross profit.

Question

Metal Music Ltd is a retail store specialising in musical instruments and consumables for rock and metal musicians. At the beginning of February 2019, the ledger of Metal Music Ltd showed Cash $2,500; Inventory $1,700; and Share capital $4,200. The following transactions were completed during February:
  Required:
(a) Journalise the February transactions (ignore GST).
(b) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.
(c) Prepare a trial balance on 28 February 2019.
(d) Prepare an income statement up to gross profit.

Quizplus · Accepted Answer

The Answer of Metal Music Ltd is a retail store specialising in musical instruments and consumables for rock and metal musicians. At the beginning of February 2019, the ledger of Metal Music Ltd showed Cash $2,500; Inventory $1,700; and Share capital $4,200. The following transactions were completed during February:
  Required:
(a) Journalise the February transactions (ignore GST).
(b) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.
(c) Prepare a trial balance on 28 February 2019.
(d) Prepare an income statement up to gross profit.

Metal Music Ltd Is a Retail Store Specialising in Musical