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Q1) Mostert Music Company had given transaction in March:

 

a. Sold instruments to customers for $10,000; received $6,000 in cash and rest on account. The cost of instruments was $7,000.

 

b. Bought $4,000 of new instrument inventory; paid $1,000 in cash and owed rest on account.

 

c. Paid $600 in wages for the month

 

d. Received a $200 bill for utilities which will be paid in April

 

e. Received a $1,000 from customers as deposits on orders of new instruments to be sold to customers in April. Complete the statements given below:

 

Cash basis Income Statement

 

Accrual basis Income Statement

 

Revenues:

 

Revenues:

 

Cash Sales

 $

Sales to customers

 $

Customer Deposits

 

Expenses:

 

Expenses:

 

Cost of sales

 

Inventory Purchases

 

Wages  expense

 

Wages paid

 

Utility expense

 

Cash Income

 $

Net Income

 $

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916529

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