Please solve part 1 and part 2 PERPETUAL SYSTEM !!Please help me answer this assignment withthe PERPETUAL SYSTEM.Part 1. Read the following case, make thewage entries and the process of recordingthe transactions (posting) in the individualaccount book (ledger).Miguel Vega has a music equipment salesbusiness called Music Sound. During themonth of February the following transactionsOccurred:Date Transaction(February)2 $ 15,000 worth of speakers was purchasedto sell at the business outside of the discountperiod.4 Of the speakers purchased on Day 2, 4 werereturned at a cost of $ 500 each to the sellerbecause they were damaged.6 15 amplifiers were purchased for sale oncredit with a value of $ 4,000 with a paymentterm of 2/10 n / 30.10 A sale was made to a customer of 5amplifiers for $ 2,000.12 Payment of the purchase of the 6th wasmade in full. 15 Music Sound made a credit sale for $ 5,500to a customer with a term of 3/10 n / 30. Thecost of the merchandise was $ 3,500.18 The customer who purchased merchandiseon the 15th returned $ 500 worth ofmerchandise because it was defective. Thecost of the merchandise was $ 320.20 The customer who made the purchase onthe 15th paid in full with the correspondingdiscount.Part 2. Using the information from part 1,make closing entries in the general ledgerand ledgers for each account.

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Description: Please solve part 1 and part 2 PERPETUAL SYSTEM !!Please help me answer this assignment withthe PERPETUAL SYSTEM.Part 1. Read the following case, make thewage entries and the process of recordingthe transactions (posting) in the individualaccount boo

Date Details Debit Credit 2/2 Purchases Expenses A/C Dr. To Accounts Payable 15000…

Answered: ETUAL -ad the ries anc

Business

Accounting

ETUAL -ad the ries anc

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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