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Instructions (a) Journalize the transactions using a perpetual inventory system. (b) Enter...

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Accounting

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(a) Journalize the transactions using a perpetual inventory system.
(b) Enter the beginning cash and share capital-ordinary balances and post the transactions.
(Use J1 for the journal reference.)
(c) Prepare an income statement through gross profit for the month of May 2017.
P6-8A Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Tempo Ltd. for the month of January 2017.
\table[[Date,Description,Quantity,\table[[Unit Cost or],[Selling Price]]],[December 31,Ending inventory,150,19
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