There are 12 transactions that have occurred during June and need to be recorded in the general ledger. Record each of the transactions on the "Transactions" tab and post to the individual T-Accounts on the "T-Accounts" tab. Compare the ending balance in the T-Accounts to the ending balance in the Trial Balance and resolve any differences. Only edit in the cells shaded in yellow or else the trial balance will show errors. On the transaction tab use the chart of accounts to identify the account numbers and the account title will automatically populate. After you have posted the transactions, create the income statement, statement of retained earnings and balance sheet.

(1) June 2nd - Purchased 50 accessories @ $10 each on credit. Terms 2/10, n/30.

(2) June 7th - Sold 3 accessories @ $30 each with a 10% discount. Paid in full upon purchase.

(3) June 8th - Purchased 25 accessories @ $15 each on credit. Terms 1/10, n/30.

(4) June 9th - 5 of the 25 accessories purchased on June 8th were damaged and shipped back to the vendor.

(5) June 11th - Paid for the June 2nd purchase of accessories. Make sure to review the terms.

(6) June 15th - Sold 5 accessories @ $30 each. Customer paid in full upon purchase.

(7) June 15th - Paid $10 UPS shipping charges to ship 5 accessories to customer.

(8) June 20th - Received a return of one accessory from customer's June 7th purchase. The return was undamaged and placed back into inventory and we refunded the Customer's money immediately in cash.

(9) Paid for the June 8th purchase of 20 accessories.

(10) Physical inventory count performed resulted in a count of 60 accessories on hand.

transcation:

Date Account Number Account Title Debit Credit (1) June 2nd - Purchased 50 accessories @ $10 each on credit. Terms 2/10, n/30. 1 121 Inventory 500.00 111 Accounts Receivable 500.00 (2) June 7th - Sold 3 accessories @ $30 each with a 10% discount. Paid in full upon purchase. 2 (3) June 8th - Purchased 25 accessories @ $15 each on credit. Terms 1/10, n/30. 3 (4) June 9th - 5 of the 25 accessories purchased on June 8th were damaged and shipped back to the vendor. 4 (5) June 11th - Paid for the June 2nd purchase of accessories. Make sure to review the terms. 5 (6) June 15th - Sold 5 accessories @ $30 each. Customer paid in full upon purchase. 6 (7) June 15th - Paid $10 UPS shipping charges to ship 5 accessories to customer. 7 (8) June 20th - Received a return of one accessory from customer's June 7th purchase. The return was undamaged and placed back into inventory and we refunded the Customer's money immediately in cash. 8 (9) Paid for the June 8th purchase of 20 accessories. 9 (10) Physical inventory count performed resulted in a count of 60 accessories on hand. 10

Closing

Closing Entries Date Account Number Account Title Debit Credit Close revenue 1 Close expenses 2 Close Income Summary 3 T-Accounts