EXERCISE 1 1. We started a business with $150,000 in cash and $600,000 in merchandise plus VAT. 2. We sold merchandise for $500,000 plus VAT of which we were paid half in cash and the rest on credit 3. Customers returned merchandise for 20,000 amount that we credited to their accounts 4. Discounts were granted to customers worth 10,000, a sum that was also we credit your accounts 5. We buy goods on credit for 200,000 pesos plus VAT 6. The previous purchases originated expenses for 10,000 plus VAT that were paid in cash 7. Goods were returned to suppliers for 50,000 amount that we charged to their respective accounts 8. Suppliers gave us discounts for 4,000 sum which also We charge your accounts. 9. Wages and salaries for 10.000 were paid by check from which the 10% ISR and 8% IMSS. 10. 300 pesos were paid for bank account management 1. First you must register the G/L Accounts according to the following scheme: Banks Sales reb on sale Dev without purchase IMSS x pay Initial inventory VAT transferred shopping Reb without purchase financial goals Social capital customers providers administration expenses Creditable VAT dev. on sale purchase expenses ISR x pay