2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS Company $400. During the month of January 2021, MSS Company made the following transactions. 2021 Jan Jupiter Co. bought goods on credit from MSS Company with a list price of $2 600, less a 3% trade discount. ut 11 MSS Company sold goods $9 000 to Uranus Co. on credit. 15 Jupiter Co. returned some of the goods purchased on 5 January 2021. List price of those goods amounted to $600. 18 MSS Company sold books $5 000 to Jupiter Co. immediately. Cash was received MSS Company received 10 books from Uranus Co. as they were delivered wrongly. Cost of each book was $45. 27 MSS Company received a purchase order from Venus Co. for $7 000 books. Issued sales invoice to Mercury Co. Goods of $3 800 were delivered to Mercury Co. on the same day. It was agreed to settle the amount on 14 February 2021. 30 Required: (a) Prepare the sales journal of January 2021. (b) Prepare Jupiter Co. account in the sales ledger of January 2021. Balance off the account at month end (c) Prepare all the necessary accounts in the general ledger of January 2021. Balance off the accounts is not required 20

2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS Company $400. During the month of January 2021, MSS Company made the following transactions. 2021 Jan Jupiter Co. bought goods on credit from MSS Company with a list price of $2 600, less a 3% trade discount. ut 11 MSS Company sold goods $9 000 to Uranus Co. on credit. 15 Jupiter Co. returned some of the goods purchased on 5 January 2021. List price of those goods amounted to $600. 18 MSS Company sold books $5 000 to Jupiter Co. immediately. Cash was received MSS Company received 10 books from Uranus Co. as they were delivered wrongly. Cost of each book was $45. 27 MSS Company received a purchase order from Venus Co. for $7 000 books. Issued sales invoice to Mercury Co. Goods of $3 800 were delivered to Mercury Co. on the same day. It was agreed to settle the amount on 14 February 2021. 30 Required: (a) Prepare the sales journal of January 2021. (b) Prepare Jupiter Co. account in the sales ledger of January 2021. Balance off the account at month end (c) Prepare all the necessary accounts in the general ledger of January 2021. Balance off the accounts is not required 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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