Question: QUESTION 2 . 2 ( 1 0 marks ) During February 2 0 2 4 the following transactions occurred at a business that buys and

QUESTION 2.2(10 marks) During February 2024 the following transactions occurred at a business that buys and sells ladies clothing (who is registered as a VAT vendor). The business's financial year runs from March to February. Transactions: -15 February 2024- bought a dress at a cost price of R520 exclusive of VAT and paid the wholesaler R598 cash. -27 February 2024- sold the dress to a customer for R890(inclusive of \(15\%\) VAT) cash. Assume that the periodic inventory method is in use and that this was the only transaction for February 2024. Required: Show journal entries to record the purchase and sale of the dress during February 2024.(4) Show the year end closing journals for VAT. Show the journal entry for the payment of VAT to SARS on due date 20 March 2024.
QUESTION 2 . 2 ( 1 0 marks ) During February 2 0

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