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 e (3)