EXERCISE - VAT (2) Nathan Corporation sells rolls of cloth. The company commenced its business and registered in the value added tax system on 1 January 20X7. The company uses periodic inventory system. In case that input taxes exceed output taxes, it has a policy not to claim for a cash refund. During January 20X7, the company had the following business transactions. Jan 1 Bought 310 rolls of cloth on account from the factory at Baht 300 each (VAT excluded). Term 1/10, n/30. 2 Bought showcases costing Baht 9,630 in cash (VAT included). 3 Returned 10 rolls of cloth to the factory due to wrong delivery. 5 Sold 150 rolls of cloth to Florian, Inc. at Baht 700 each (VAT excluded). Term 1/10, n/30. 7 Bought 200 rolls of cloth on account from the factory at Baht 300 each (VAT excluded). Term 1/10, 1/30. 9 Received payment in full from Florian, Inc. 10 Paid for the cloth purchased on Janaury 1. 14 Sold 220 rolls of cloth to Jenny Corporation at Baht 800 (VAT excluded). Term 1/10, n/30. 15 Purchased in cash a 4-seat sedan which costs 900,000 (VAT excluded). 16 Sold 100 rolls of cloth to Shane Corporation at Baht 800 each (VAT excluded). As the customer paid immediately, the company gave 5% trade discount. 17 Paid for the cloth purchased on January 7. 18 Received an invoice for warehouse cleaning service, Baht 6,200 (VAT excluded). 22 Received 20 rolls of cloth back from Jenny Corporation due to wrong delivery, 24 Received payment from Jenny Corporation in full. 25 Paid for warehouse cleaning services, for which an invoice was received on January 28 Bought 300 rolls of cloth on account from the factory at Baht 400 each (VAT excluded). Terml/10, n/30. 31 Summarize the VAT amount for January 20X7. 18. Instruction Journalize the above transactions