Make journal entries and the process of recording

Assignment Help Accounting Basics

Reference no: EM133538044

Question: Makes journal entries and the process of recording 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
(feb) Transaction
2 20 speakers were purchased for $10,000 on credit to sell at the store outside of the discount period.
4 Of the speakers purchased on the 2nd, 4 were returned at a cost of $500 each to the vendor because they were damaged.
6 20 amplifiers were purchased for sale on credit with a value of $6,000 with a payment term of 2/10 n/30.
10 A cash sale was made to a customer of 5 amplifiers for $2,500.
12 Payment for the purchase of day 6 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 is $2,500.
18 The customer who purchased merchandise on the 15th returned e units, $500 worth of merchandise because it was defective.
20 The customer who made the purchase on the 15th paid in full with the corresponding discount.

Using the data from the part, make the two closing entries.

Reference no: EM133538044

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