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Note: Value Added Tax (VAT) must be ignored. Use the formats contained in your study guide to answer questions 2 to 5 1. 2. MULTIPLE CHOICE QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not show any calculations (20) The accounting period of Meander Enterprises ends on the last day of February each year. On 28 February 2017, the total of the Rent expense account was R41 100. Rent was paid up to 31 March 2017. Note: Rent expense increased by i0% with effect from 01 September 2016, which will be the correct journal entry to adjust the Rent expense account on 28 February 2017? 1.1 Account debit a) Prepaid expenses b) Prepaid expenses c) Profit and loss d) None of the above Account credit Rent expense Rent expene Rent expense Amount R3 161.54 R3 300 R40 800 1.2 The following information was extracted from the records of NWJ Traders for May 2017: 2017 May Units of Cost price inventory per unit R10 R11 R12 R12 01 Inventory on hand 18 000 50 000 33 000 1 000 80 000 11 Purchased 22 Purchased 23 Returned to supplier 31 Sales for May 2017 b) c) d) The value of inventory on 31 May 2017, using the weighted average cost method, is R222 800 R220 000 R240 000 None of the above. 1.3 The following information was extracted from the records of Vondi's Traders on 30 June 2017, the end of the financial year:ll Opening inventory Closing inventory Purchases Purchases returns 600000 480 000 1 476 000 36 000 PROGRAMME HANDBOOK: JANUARY 2018 INTAKE