Can someone please check if my General Journal is correct.
General Journal Post Ref Account Debit Credit Date 2020 Feb. 6 840 Inventory Accounts Payable 120 200 8 40 7 40 Inventory Accounts Payable 120 200 4 0 8 Accounts Receivable Sales 900 110 400 900 Cost of Sales Inventory 500 120 600 600 10 410 84 Sales returns and allowances Accounts Receivables 84 11 3 00 Inventory Cash 120 100 300 Accounts Payable Cash Discount Received 200 100 510 500 Inventory Accounts Payable 120 200 500 Cash Inventory 100 120 50 50 30 Inventory Accounts Payable 120 200 30 18 Feb Accounts Receivable Sales 110 400 900 900 530 Cost of Sales Inventory 500 120 530 500 Cash Accounts Receivable 100 110 500 21 500 Accounts Payable Cash Discount Received 200 100 510 490 10 27 30 Sales returns and allowances Accounts Receivable 410 110 28 500 Cash Accounts Receivable 100 110 Metal Music Ltd is a retail store specialising in musical instruments and other musical items for rock and metal musicians. At the beginning of February 2020, the ledger of Metal Music Ltd showed Cash $2,500; Inventory $1,700; and Share capital $4,200. The company uses a perpetual inventory system. The following transactions were completed during February 2020: February 6 Purchased electric guitars from Guitars R Us Ltd $840, terms 3/7, n/30. 7 Paid freight on Guitars R Us Ltd purchase $40. 8 Sold inventory to customers $900, terms n/30. The inventory cost $600. 10 Received credit of $84 from Guitars R Us Ltd for a guitar that was returned. 11 Purchased guitar strings from Strings N Things for cash $300. 13 Paid Guitars R Us Ltd in full. 14 Purchased Guitar straps and leads from Musical Importers Ltd $500, terms 2/7, n/60. 15 Received cash refund of $50 from Strings N Things for damaged inventory that was returned. 17 Paid freight on Musical Importers Ltd purchase $30. 18 Sold inventory to customers $900, terms n/30. The cost of the inventory was $530. 20 Received $500 in cash from customers in settlement of their accounts. 21 Paid Strings N Things Ltd Musical Importers Ltd in full. 27 Granted an allowance of $30 to a customer for a guitar strap that was faulty. 28 Received cash payments on account from customers $500. The chart of accounts for Metal Music Ltd contains the accounts and account numbers below and no new accounts need to be added: 100 Cash 110 Accounts receivable 120 Inventory 200 Accounts payable 300 Share capital 400 Sales 410 Sales returns and allowances 500 Cost of sales 510 Discount received (1) Journalise the February transactions (ignore GST and narrations are not required). Use the following headings to set out your answer: General Journal Date Account Post Ref. Debit Credit
