EXERCISE 3 ACCOUNTING

1. The company Claro que puedo S.A. is constituted. The partners contribute $ 3,750,000 in cash and merchandise with a value of $ 1'040,000.

2. They pay for the installation of services in the amount of $ 98,000 (70% administrative expenses and 30% sales expenses)

3. They buy merchandise for an amount of $ 560,000 plus VAT which pays 20% counted 40% credit and the rest with documents payable.

4. Acquire computer equipment for an amount of $ 980.00 plus VAT and pay 25% cash and the rest on credit.

5. They sell merchandise at $ 1 780,000 plus VAT, the cost of which is $ 660,000. They charge half in cash, 25% with an interest-free document and the rest on credit.

6. They pay $ 35,000 plus VAT, for the services of electricity, water, telephones, internet (35% GV and 65% GA)

7. Buy two vans for distribution of merchandise worth $ 650,000 plus VAT, each and pay a 25% down payment and the rest to documents payable

8. Customers are charged $ 200,000 for the sale of seat 5.

9. You pay $ 150,000 of the debt you have for the computer equipment. Transport equipment documents are also settled for an amount of 225,000

10. An advertising campaign is made with a cost of $ 45,000 plus VAT, which gives us a 30-day loan.

11. Wages and salaries are paid in the amount of $ 265,000 (GA 60% and GV 40%)

12. A sale is made for an amount of $ 1,850,000 plus VAT which is charged only 18% in cash and the rest is on credit. The cost of the merchandise is $ 680,000

13. Furniture and equipment is purchased for an amount of $ 365,000 plus VAT, which is paid 40% cash 30% with documents payable and the rest on credit

Obtain the major T accounts, Balance of Checking, Balance Sheet and Income Statement.