1.2 Masilela Traders had, amongst others, the following five transactions during May 2021: NB: Masilela uses the periodic inventory system. No 1 2 Transaction The owner brought his personal equipment valued at R40 000 into the business Sold goods to K Chetty for R15 000 on credit. Paid R6 800 from the business bank account for medical expenses incurred by the owner's wife. Masilela has an account with a balance of R5 000 with Trade Suppliers which is 7 months overdue at 30 April 2021. Paid interest which is charged at 12% 3 4 per year. 5 Masilela donated goods valued at R3 000 to the local community centre. Required: Process the above transactions through an accounting table such as the one below: (10) Example of accounting table to be used: No Assets Equity Liability Account Account R R R Debited Credited 0 +1 000 +1 000 O Bank Sales "Use + for increase in value and - or (brackets) for decrease in value. 1.3 Fancy Foot, a registered VAT vendor, trades in leather goods. The entity uses the perpetual inventory system to record trading transactions. The applicable VAT rate is 15%. The following transactions took place for cash regarding a pair of shoes: A) A pair of shoes was bought for R700, exclusive of VAT. B) The above shoes were sold, within 3 days, for R1 840, inclusive of VAT. Required: Prepare general journal entries for the following: 1.3.1 Purchase of the shoes; 1.3.2 Sale of the shoes; NB: Provide a brief narration for the journal entries. (8) 1.4 Briefly explain and provide an example of each of the following: 1.4.1 The entity concept. 1.4.2 The accrual principle (3)