QUESTION $3(25$ marks$)$ Raw $($Pty$)$ Ltd$,$Raw$,$ is a company that sells organic nuts to the public. The company is a registered VAT vendor and has a $30$ June financial year$-$end. The following transactions occurred during the year ended $30$ June $2024$ and have not been recorded yet: When posting the totals from the sales journal to the general ledger at the end of August $2023,$ the sales column was posted as R$258000$ instead of R$285000.$ All amounts, including VAT. $1.$ Total credit sales for the year amounted to R$1450000($including VAT$).2.$ Total cash sales for the year amounted to R$987000($including VAT$).3.$ On $1$ August $2024$ a trade receivable, Nature Den Ltd paid their debt of R$7450($including VAT$).$ This amount has been written off as irrecoverable in the year $2023.4.$ The one trade receivable, White Cat Ltd$,$ was declared insolvent in $2024.$ The total debt owed by White Cat Ltd amounted to R$152000($including VAT$).$ White Cat Ltd$\text{'}$s lawyers confirmed that White Cat Ltd$\text{'}$s creditors would receive $55$c for each Rand owed to the business. Raw received the settlement in June $2024$ and decided to write the remainder of White Cat Ltd$.$s debt off as irrecoverable. $5.$ During the year, Raw received R$2000000($including VAT$)$ from trade receivables towards their accounts. $6.$ On $30$ June $2024,$ a trade receivable amounting to R$8750($including VAT$)$ was considered to be irrecoverable, and Raw decided to write the debt off as irrecoverable. $7.$ Raw reliably estimated that it was unlikely that $5\%$ of outstanding trade receivables on $30$ June $2024$ would be collected. Additional information: $$ Trade receivables has an opening balance of R$1258000$ on $1$ July $2023.$ Allowance for doubtful debts has an opening balance of R$50320$ on $1$ July $2023.$ REQUIRED: ANNEXURE I: FORMATIVE ASSESSMENT $211$ HFAC$130-1-$Jul$-$Dec$2024-$FA$2-$AA$-$V$4-151020243\mathrm{.}1$ Prepare the general journal entries to account for transaction $3$ for the year ended $30$ June $2024$ of Raw $($Pty$)$ Ltd$.$ Remember to show your workings. $$ Round up to the nearest rand where applicable. $(4$ marks$)3\mathrm{.}2$ Prepare the Trade Receivables general ledger account to account for the transactions for the year ended $30$ June $2024$ of Raw $($Pty$)$ Ltd$.$ Dates are not required. $$ The account must be closed$-$off at the end of the month. $$ Remember to show your workings. $(17$ marks$)3\mathrm{.}3$ Explain two advantages of allowing customers to purchase on credit. Give a brief explanation of each advantage. $(4$ marks$)$