Exercise 1 RAUXA SL RAUXA SL is a company that presents the following balance sheet on December 31, 20X2 (amounts in ): Assets Liabilities and Owners' capital Machinery 10,000 Paid-in Capital 95,000 Merchandise Inventory 40,000 Accounts Payable 15,000 (suppliers) Accounts receivable 17,500 Creditors 10,000 Bank 40,000 Taxes payable 2,500 Cash 15,000 122,500 122,500 The following transactions were performed during the year 2003: 1. Acquisition of merchandise costing 3,000, 1,000 were paid from the bank account, the rest was purchased on credit (it will be paid in one month). 2. Acquisition of computer equipment costing 20,000; 12000 were paid from the bank account, the rest remained open (will be paid in 2 months). 3. The salaries of the month amounted 8,000. The amount is paid immediately by bank transfer 4. Payment to the suppliers of transaction 1 by bank transfer of the amount owed. 5. Sale of merchandise for 30,000. Half of the amount is collected immediately (bak transfer) and the other half will be collected in 30 days. 6. Acquisition of merchandise costing 10,000, 30 % for cash, 70 % was paid from the 3. The salaries of the month amounted 8,000. The amount is paid immediately by bank transfer 4. Payment to the suppliers of transaction 1 by bank transfer of the amount owed. 5. Sale of merchandise for 30,000. Half of the amount is collected immediately (bak transfer) and the other half will be collected in 30 days. Acquisition of merchandise costing 10,000, 30 % for cash, 70 % was paid from the bank account 6. Requirements: Prepare the journal entries for the listed transactions and post them to the ledger accounts. RAUXA SL uses a periodic inventory system (purchases of merchandise has to be recorded as an expense and sales of merchandise as a revenue). Compute the income for 20x3 and close the accounts. Prepare the income Statement for 20x3 and the Balance Sheet on December 31, 20X3