Question 2 Jan en Marijke de Vries run a small souvenir shop in the centre of Harlingen. They make use of the following ledger accounts: Equipment Equity Withdrawals Accounts payable VAT receivable VAT payable Depreciation expenses Interest expenses Inventory Gross profit Various revenues and expenses Depreciation expenses Long term loan Rent Cash Office expenses Marketing expenses Accounts receivable During the second week of May 2012, the following financial facts occurred (in ): 07/May Purchased on account souvenirs 400.00 19% VAT 76.00 476.00 08/May Paid in cash for rent 750.00 08/May 900.00 Sold on account souvenirs for 19% VAT 171.00 1,071.00 Purchase price of the souvenirs 560.00 09/May Returned to supplier damaged souvenirs 110.00 19% VAT 20.90 Credit invoice received 130.90 10/May Received in cash from customers Paid in cash to suppliers Paid in cash redemption on long term loan Paid in cash interest on long term loan 810.50 540.90 250.00 500.00 Decrease in cash 480.40 11/May Taken from inventory to use as gift for Friends birthday 50.00 19% VAT 9.50 59.50 12/May Monthly depreciation on equipment 200.00 14/May Sold in cash souvenirs for 19% VAT 1,810.00 343.90 2,153.90 Purchase price of the souvenirs 1,140.00 Prepare the journal entries for the above transactions