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ETUAL -ad the ries anc

ETUAL -ad the ries anc

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please solve part 1 and part 2
PERPETUAL SYSTEM !! Please help me answer this assignment with the PERPETUAL SYSTEM. Part 1. Read the following case, make the wage 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 Transaction (February) 2 $ 15,000 worth of speakers was purchased to sell at the business outside of the discount period. 4 Of the speakers purchased on Day 2, 4 were returned at a cost of $ 500 each to the seller because they were damaged. 6 15 amplifiers were purchased for sale on credit with a value of $ 4,000 with a payment term of 2/10 n / 30. 10 A sale was made to a customer of 5 amplifiers for $ 2,000. 12 Payment of the purchase of the 6th was made in full.
Transcribed Image Text:PERPETUAL SYSTEM !! Please help me answer this assignment with the PERPETUAL SYSTEM. Part 1. Read the following case, make the wage 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 Transaction (February) 2 $ 15,000 worth of speakers was purchased to sell at the business outside of the discount period. 4 Of the speakers purchased on Day 2, 4 were returned at a cost of $ 500 each to the seller because they were damaged. 6 15 amplifiers were purchased for sale on credit with a value of $ 4,000 with a payment term of 2/10 n / 30. 10 A sale was made to a customer of 5 amplifiers for $ 2,000. 12 Payment of the purchase of the 6th was made in full.
15 Music Sound made a credit sale for $ 5,500 to a customer with a term of 3/10 n / 30. The cost of the merchandise was $ 3,500. 18 The customer who purchased merchandise on the 15th returned $ 500 worth of merchandise because it was defective. The cost of the merchandise was $ 320. 20 The customer who made the purchase on the 15th paid in full with the corresponding discount. Part 2. Using the information from part 1, make closing entries in the general ledger and ledgers for each account.
Transcribed Image Text:15 Music Sound made a credit sale for $ 5,500 to a customer with a term of 3/10 n / 30. The cost of the merchandise was $ 3,500. 18 The customer who purchased merchandise on the 15th returned $ 500 worth of merchandise because it was defective. The cost of the merchandise was $ 320. 20 The customer who made the purchase on the 15th paid in full with the corresponding discount. Part 2. Using the information from part 1, make closing entries in the general ledger and ledgers for each account.
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