Ross charges $35 for each adult and $20 for children. for his muesuem through online booking. His hours of operation are 9am to 6pm Monday to Friday and 10 am to 8 pm on Saturday and Sunday. On February 3, 2021 he checked his website and saw that 300 adults and 120 children would be visiting the museum today. At 8:45 am the fire alarm went off due to a fire in a portion of the building. The fire department arrived and told Ross the building was not safe and needed to be closed the rest of the day. Ross recorded his sales the same way he always does that day.

What journal entry did Ross make on Feb. 3?

Did Ross handle this situation correctly? If not, what should he have done?

Which IFRS Principle applies to this scenario? Explain how this principle can be applied to this scenario?