QUESTION 1 [58] During May 2020 the following transactions took place in Brickstone Traders: Date: 1. Issue receipt number 401 to B Wilson for R3 700 in full settlement of his account of R4 042. 2. Cash purchases of inventory: Cheque number 701. R4 845. 3. Cash sales of inventory: R3 534, Issue receipt number 402. 4. Credit purchases of inventory from P Konig per invoice number 2212, R5 472. 15. The owner draws R912 cash from the bank account for private use, cheque number 702. 17. Issue the following invoices for inventory sold on credit: - P Botha number X301, R4 731. - C Briers number X302. R4 389. 19. Receive a loan from ABC Bank for R11 400 and deposit the amount in the bank account. Issue receipt number 403. 21. Pay for petrol per cheque number 703, R228. 23. Pay the insurance premium for the month per cheque number 704. R399. 26. Buy office furniture on account from Tables ( invoice number MM85), R3 878. 27. Pay salaries and wages per cheque number 705. R3 306. 28. Issue receipt number 404 to C Nel for rent of premises. R4 275. 30. Received a cheque of R513 from P Schultz, who's account was written off as irrecoverable during 1994 and issue receipt number 405. 30. Returned damaged inventory to P Konig. R505. Receive credit note 2213. 31. P Botha is claiming a trade discount of 10% that we did not give to him. Issue a credit note XX402. You are required to: 1. Record the above transactions in the appropriate Subsidiaryiournals. Calculate the column totals of each journal. 5572 = MAX (2?) 2. Open the general ledger accounts and post from the Subsidiary journal totals to the following General ledgg accounts: (31) nd'l n ___________ General ledger accounts. (37) 2.1) Bank account 2.2) Trading account 2.3) VAT control account 3. The following instructions must be taken into account: a) All appropriate transactions include VAT at 15%. b) The perpetual inventory system is being used. c) Sales are made at a constant mark-up of 25% on selling price d) Folio numbers are required in the General ledger. e) Totals are required on 31 May 2019. f) Round off to the nearest Rand. g) Properly balance off the General ledger accounts. h) Make use of the answer sheet provided