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4.3 Argon Traders is a business located in Centurion. Argon Traders is a registered VAT vendor and trades only with registered VAT vendors that can
4.3 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 1:t of March 2022 Argon Traders sold goods for R15 000 excluding VAT) on credit to Mr Neon. Goods are marked up 20% on cost 4.4 The owner took goods with a cost price of R5 000 (excluding VAT) on the 1st of March 2022. Required: Record this transaction in the general journal using the periodic inventory system. A journal narration is not required. You may ignore the folio column
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