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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






Cash Sales


Sales to customers


Customer Deposits






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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