FINANCIAL ACCOUNTING – ACCT1101 – Accounting Practice Set online
Another version of this question is available here INTRODUCTION The objective of this Accounting practice set is to provide students with an insight into the process of recording transactions, completing adjusting and closing entries, and preparing financial statements for a retail business. Company Background Salzbruck Musical Instruments Pty Ltd has been in business in Sydney since July, 2012. The company was started by William Jacques and operates a shop which sells musical instruments on a wholesale basis to other businesses on credit and cash terms. The company’s share capital consists of 1,134,000 ordinary shares, issued at $1 each, that are owned by various members of the Jacques family. The company employs a combination of both sales and administration staff to operate…
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