Reference no: EM132886322
Question - 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 (February) Transaction
2 $ 10,000 worth of speakers 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 20 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 $ 5,000 credit sale to a customer with a term of 3/10 n / 30. The cost of the merchandise was $2,500.
18 The customer who purchased merchandise on the 15th returned $ 500 worth of merchandise because it was defective.
20 he customer who made the purchase on the 15th paid in full with the corresponding discount.
Part 2 - Using the information in part 1, make the closing entries in the general ledger and ledgers for each account.