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HP Co. purchase raw material from supplier and paid $70,000 VAT excluded. HP Co. sold products to customer on credit $110,000 VAT excluded. Vat rate

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HP Co. purchase raw material from supplier and paid $70,000 VAT excluded. HP Co. sold products to customer on credit $110,000 VAT excluded. Vat rate 20%. Required: in HP co. books: 1. Accounting entries for purchase and sale. (8Marks) 2. The VAT T account. (2Mark)

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