Record transaction 1 in the applicable general ledger accounts using the perpetual inventory system.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Argon Traders is a business located in Centurion.
Argon Traders is a registered VAT vendor and trades only with registered VAT
vendors that can provide tax invoices. The business charges 15% VAT on all its sales.
All amounts are inclusive of VAT, unless VAT is not applicable.
Argon Traders sells good for cash and on credit.
Transaction 1: On the 1st of March 2022 Argon Traders sold goods for R15 000
excluding VAT) on credit to Mr Neon.
Goods are marked up 20% on cost

Record transaction 1 in the applicable general ledger accounts using the perpetual
inventory system.

 

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