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please provide calculations as well Read the scenario below and answer the question that follows. The following transactions and events were recorded in the books
please provide calculations as well
Read the scenario below and answer the question that follows. The following transactions and events were recorded in the books of a company for the year ended 31 December 2022, unless otherwise indicated: 1. On 31 December 2022, the company donated party decorations to the local old-age home. The donations cost the company R8 700. 2. On 1 October 2022, the company invested R250 000 in a 48 -month fixed deposit, earning 5% interest per annum. The fixed deposit was already recorded on 1 October 2022. Interest is paid out three months in arrears on the first day of the fourth month. As the interest was not yetreceived, the accountant did not make an entry. 3. On 31 October 2022, the owner took goods for his son as a birthday gift. The cost price of the goods was R 15000. 4. Before year-end, a debtor notified the company that they could not pay their debt for financial reasons. The company, therefore, had no choice but to write the debt amounting to R3 500 off as irrecoverable. 5. Vehicles amounting to R500 000 were bought on credit on 1 December 2022. Depreciation is accounted for using the straight-line method applying 15% as per the company policy. Required: Prepare the General Journal entries to account for the above transactionsStep by Step Solution
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