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 (suppliers)	15,000
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 20X3:

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 bank account.

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.