a BBB Co. is a 7% Value Added Tax (VAT) registered company and use periodic inventory system. The company distributes computers to retail stores. During the month of August, the following merchandising transactions occurred. Aug. 1 3 5 7 Purchased 100 units of computer at THB 22,500 per unit on account from Lady Go Go Co. Which is VAT registered entity, FOB shipping point with credit terms 1/10,n/30. Freight cost THB 1,000 cash. The unit price is excluded 7% vat. Paid monthly rent THB 5,000 to Aloha Co. with 5% WHT. Aloha Co. is not VAT registered. Returned 2 units of computer purchased on Aug. 1". Sold 15 units of computer on account to Friend Co. for THB 30,000 per unit with credit terms 1/20, n/30. The company entitled to a 5% trade discount. Unit price is included 7% vat. Paid the balance due to Lady Go Go Co. in full amount. Purchased office supplies THB 1,380 for cash from Khun Somboon's shop which is not VAT registered entity. Received $20,000 cash dividend from investment in TOP Co., 10% WHT. Received the balance due from Friend Co. Paid THB 24,000 for 6-month insurance, 7% vat included and 1% WHT. Insurance covers since September 1, 2020. 9 12 15 20 22 22 25 27 Paid THB 24,000 for 6-month insurance, 7% vat included and 1% WHT. Insurance covers since September 1, 2020. Sold 40 units of computer on account to Hill Co. for THB 28,500 per unit. BBB offered credit terms 2/10, 1/30 with FOB destination. Freight cost THB 1,400. Unit price is excluded 7% vat. Paid advertising expense to Emma Agency which is VAT registered entity. The invoice price is THB 45,000 included VAT and the WHT is 2%. Paid salaries and wages THB 30,000, 3% withholding tax and 5% social security (maximum THB 750) were deducted Paid miscellaneous expense THB 2,400. (no VAT for this transaction) Received and paid a THB 1.200 utility bill included VAT). Purchased THB 20,000 equipment using VISA credit card. Price is included 7% vat. Summarised sale taxes and purchase taxes for the month. 29 29 30 31 31 Instruction: 1. Record journal entries for Aug using periodic system. 2. Record journal entries for Aug using perpetual system. Suppose that the cost of goods sold is 50% of selling price (included VAT)