Good day , please may you kindly assist with this question Regards Nerina Traders, a gift shop, situated in Illovo is owned by Serena Lopez. The business is aregistered VAT vendor and trades only with other registered vendors. All amountsincluding 15% VAT where applicable, except if otherwise indicated. They use a periodicinventory system and all goods are marked up at 20% above cost, before considering anytrade discounts. The business does not expect to award any settlement discounts nor toqualify for any settlement discounts. All occurrences of settlement discounts are thereforeincidental in nature.Debtors balances as at 31 January 2020:Pinky Leshaba R3 500.The following transactions took place in the month of February 2020 :DATETRANSACTION1Sold goods on credit to Pinky Leshaba for R2 500 excludingVAT4The invoice provided to Pinky Leshaba on the 1st February wasovercast by R230 including VAT. Pinky Leshaba has acceptedthis amount and the error needs to be corrected. Hint: thisshould be treated in a similar way as a rebate.6Goods sold on credit to Siya Khumalo for R920 including VAT10Siya Khumalo returned damaged goods R100 excluding VAT15Goods sold on credit to Pinky Leshaba R1 000 excluding VAT21Charged Pinky Leshaba interest on overdue account R5027Pinky Leshaba paid R1 000 in part settlement of her balanceowing© The Independent Institute of Education (Pty) Ltd 202121Q.2.1Prepare the following subsidiary journals for Nerina Traders for February2020:Hint: Remember to total the journals. Document numbers are not required.Q.2.1.1Debtors JournalQ.2.1.2Debtors Allowances JournalQ.2.2.Calculate the amount outstanding by Pinky Leshaba at the end of February2020.

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Hint: Remember to total the journals. Document numbers are not required. Q.2.1.1 Debtors Journal Q.2.1.2 Debtors Allowances Journal Calculate the amount outstanding by Pinky Leshaba at the end of February

Hint: Remember to total the journals. Document numbers are not required. Q.2.1.1 Debtors Journal Q.2.1.2 Debtors Allowances Journal Calculate the amount outstanding by Pinky Leshaba at the end of February

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 1CP: Block Foods, a retail grocery store, has agreed to purchase all of its merchandise from Square...

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