Reference no: EM132904904

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). Correctly performs the wage entries and the process of recording transactions (posting) in the individual account book (ledger), demonstrating a thorough understanding of the required procedure.

Miguel Vega has a music equipment sales business called Music Sound. During the month of February the following transactions occurred:

Date (February) Transaction

February 2 $10,000 worth of speakers purchased to sell at the business outside of the discount period.

February 4 Of the speakers purchased on Day 2, 4 were returned at a cost of $ 500 each to the seller because they were damaged.

February 6 20 amplifiers were purchased for sale on credit with a value of $ 4,000 with a payment term of 2/10 n / 30.

February 10 A sale was made to a customer of 5 amplifiers for $ 2,000.

February 12 Payment of the purchase of the 6th was made in full.

February 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.

February 18 The customer who purchased merchandise on the 15th returned $ 500 worth of merchandise because it was defective.

February 20 The 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.

Correctly aligns the closing entries in the general ledger and in the ledgers of each account, demonstrating a thorough understanding of the required procedure.