? VAT EXERCISE

Black$221$ ?Company$$s information for the month of August $2024$ ?is given below.

Aug $8$ ?Purchased merchandise on account for $ $67\mathrm{.}200$ ?including Value Added Tax $($VAT $\%12).$

Aug $17$ ?Sold merchandise for $ $70\mathrm{.}000$ ?on account. The cost of the merchandise sold was TL $40,000.$ ?The sale price does not include Value Added Tax $($VAT$).$ ?Assume VAT rate $\%8.$

Aug $24$ ?Purchased $ $50\mathrm{.}000$ ?merchandise inventory with cash. The amount does not include Value Added Tax $($VAT$).$ ?Assume VAT rate $\%18.$

Required:

A$)$

Record journal entries.

B$)$

Journalize the closing entry for VAT accounts on August $30.$

C$)$

Journalize the payment of VAT to the Tax Office on September $26.$

D$)$

During the month of September, the company has VAT from sales of $$19\mathrm{.}000$ ?and VAT from purchases of $$3\mathrm{.}000.$ ?Journalize the closing entry for VAT accounts on September $30.$

E$)$

Journalize the payment of VAT to the Tax Office on October $26$