Do the T-accounts for the following, calculating with a VAT rate of 16% and at each step specify the number being made.

1 You buy goods worth $50,000 plus VAT; 20% is paid by bank transfer and the rest is to be paid in 21 days. bank transfer and the rest is to be paid in 21 days.

2 You sell goods worth $1,000,000 plus VAT. 50% is paid into the company's bank account and 50% is on credit for 30 days. and 50% is on credit for 30 days. The cost of goods sold is $400,000.

3 An executive chair for the boardroom is purchased on credit for $3,000 plus VAT.

4 A new partner joins the company with a contribution of $50,000, which is deposited in the company's bank account. 50,000 is paid into the bank account.

5 A bank transfer of 100,000 is made to pay suppliers.

6 Wages are paid by bank transfer in the amount of 550,000. The sales department receives 80%, the sales department 20% and the administration department 20%.

7 The customer in transaction 2 makes a bank transfer paying 80% of his debt.

8 As a result of the bank credit, the company pays 48,000 by bank transfer; of which 35,000 plus VAT is for the payment of interest and the rest to pay part of the debt.

9 A defaulting customer is charged interest of $300 (including VAT). Amount for which the customer makes a bank transfer.

10 A bank transfer of $360,000 plus VAT is made by bank transfer. 60% corresponds to Selling Expenses and 40% to Administration Expenses.