Read the following case, make the journal entries and the process of recording the transactions ( posting)
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Question:
Read the following case, make the journal entries and the process of recording the transactions ( posting) in the individual account book ( ledger ).
Miguel Vega has a music equipment sales business called Music Sound. During the month of February the following transactions occurred:
Date (February) | Transaccin |
2 | 40 speakers were purchased for $15,000 to sell in the business outside of the discount period. |
4 | Of the speakers purchased on day 2, 6 were returned to the seller because they were damaged. |
6 | 25 amplifiers were purchased for $250 on credit with a value of $6,250 with a payment term of 2/10 n/30. |
10 | A cash sale was made to a customer of 8 amplifiers for $3,000. The cost of the merchandise is $2,000. |
12 | Payment for the purchase on day 6 was made in full. |
15 | Music Sound made a sale of 100 units on credit for $15,000 to a customer with a term of 3/10 n/30. The cost of the merchandise was $9,000. |
18 | The customer who purchased merchandise on the 15th returned 12 units ($1,800) worth of merchandise because it was defective. |
20 | The customer who made the purchase on gives 15 p in full with the corresponding discount. |
Part 2. Using the information from part 1, make the closing entries in the general ledger and in the ledgers of each account.
Please put the answer in in an excel sheet or something similar to the columns on the question.
Please put the answer in an excel or columns like the question.
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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