Question 2 (20 Marks) Refer to the information about the vehicles and assume that Autos Unlimited...

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Question 2 (20 Marks) Refer to the information about the vehicles and assume that Autos Unlimited uses the FIFO cost allocation method and periodic method to record inventory: Prepare ALL the journal entries required to account for the vehicles for the month of December 2013 in the general ledger of Autos Unlimited. Include dates, but narrations and closing entries can be ignored. Autos Unlimited is a vehicle dealership that buys and sells vehicles. It operates from a premise that it owns in Salt River. The financial year-end is 31 December. Vehicles During December 2021 Autos Unlimited had the following transactions relating to its vehicles: There were 12 vehicles on the showroom floor at a total cost of R900 000. 1 December 2 December Purchased 10 vehicles at a total cost of R800 000 on credit. 10 December The salesmen sold 8 vehicles as a fleet to a business, at a sales price of R125 000 per vehicle for cash. 19 December A further 5 vehicles were purchased at a cost of R84 000 each for cash. 28 December 31 December 31 December - Another fleet sales transaction occurred, where a business bought 11 vehicles at a sales price of R119 000 each on credit. The owner of Autos Unlimited decided to use 1 of the vehicles on hand as the sales managers' vehicle, instead of selling it. An inventory count revealed that the correct number of vehicles were on hand, however 1 of the vehicles was damaged, and would require repairs costing R5 000, before it could be sold for R75 000. It is expected that the vehicle for the sales manager will be used evenly for a period of 3 years, and the residual value is reliably expected to be R35 000. - Ignore VAT Question 2 (20 Marks) Refer to the information about the vehicles and assume that Autos Unlimited uses the FIFO cost allocation method and periodic method to record inventory: Prepare ALL the journal entries required to account for the vehicles for the month of December 2013 in the general ledger of Autos Unlimited. Include dates, but narrations and closing entries can be ignored. Autos Unlimited is a vehicle dealership that buys and sells vehicles. It operates from a premise that it owns in Salt River. The financial year-end is 31 December. Vehicles During December 2021 Autos Unlimited had the following transactions relating to its vehicles: There were 12 vehicles on the showroom floor at a total cost of R900 000. 1 December 2 December Purchased 10 vehicles at a total cost of R800 000 on credit. 10 December The salesmen sold 8 vehicles as a fleet to a business, at a sales price of R125 000 per vehicle for cash. 19 December A further 5 vehicles were purchased at a cost of R84 000 each for cash. 28 December 31 December 31 December - Another fleet sales transaction occurred, where a business bought 11 vehicles at a sales price of R119 000 each on credit. The owner of Autos Unlimited decided to use 1 of the vehicles on hand as the sales managers' vehicle, instead of selling it. An inventory count revealed that the correct number of vehicles were on hand, however 1 of the vehicles was damaged, and would require repairs costing R5 000, before it could be sold for R75 000. It is expected that the vehicle for the sales manager will be used evenly for a period of 3 years, and the residual value is reliably expected to be R35 000. - Ignore VAT