Prepare journal entries to record the following merchandise transactions of Martinez Excavation Equipment,which applies the perpetual inventory system and the gross method of recording invoices.
Definitions:
Accounting Cycle
The collective process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation in the financial statements.
Beginning Assets
Beginning assets refer to the value of all assets owned by a company at the start of an accounting period, encompassing resources like cash, inventory, and property.
Ending Liabilities
The total debts and financial obligations a company owes at the end of a reporting period.
Post-closing Trial Balance
A financial report created after closing entries are made, listing all accounts and their final balances to ensure debits equal credits.
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