ACCOUNTING EXERCISE PLEASE WRITE UP THE JOURNAL ENTRIES FOR EACH OF THE FOLLOWING TRANSACTIONS FOR THE ACCOUNTING PERIOD, which is for a year, FOR A GROCERY STORE BUSINESS, IN RANDS AND CENTS 6 CREDIT SALES OF 420 PLUS VAT OF 63 TAKE PLACE 7 THE COST OF SALES (STOCK VALUE SOLD) IS 335 8 CASH SALES OF 300 PLUS VAT OF 45 TAKE PLACE. 9 THE COST OF SALES (STOCK VALUE SOLD) IS 250 10 THE DEBTOR ARISING FROM CREDIT SALES PAYS 180 ON ACCOUNT 11 DEPRECIATION AT 16% IS RAISED FOR THIS ACCOUNTING PERIOD 12 THE VAT PAID (TO SARS/BY SARS) 13 CASUAL WAGES OF 8 ARE PAID IN CASH 14 THERE IS REPAIRS AND MAINTENANCE OF 10 INCURRED ON CREDIT, WHICH DOES NOT ATTRACT VAT. 15 THERE IS RENTAL EXPENSE OF 15 PAID IN CASH WHICH DOES NOT ATTRACT A VAT ENTRY 16 THERE IS SECURITY COSTS OF 5 WHICH IS PAID IN CASH WHICH DOES NOT ATTRACT A VAT ENTRY 17 THERE ARE OTHER SUNDRY EXPENSES of 3 WHICH ARE ACCRUED FOR AT THE END OF THE PERIOD. PLEASE WRITE UP A PROFIT AND LOSS ACCOUNT, ALTERNATIVELY CALLED AN INCOME AND EXPENSE ACCOUNT IN THE FOLLOWING FORMAT, AND SHOW THE FINAL ENTRY TRANSFERING THE PROFIT/LOSS TO THE RETAINED INCOME ACCOUNT PLEASE IGNORE COMPANIES INCOME TAX PLEASE WRITE UP A (SIMPLE) BALANCE SHEET IN THE FOLLOWING FORMAT(showing liabilities as credits) PLEASE SHOW WORKINGS WHEREVER NEEDED. (YOU MAY USE YOUR OWN STATIONERY)