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can someone please assist me with E9-2? You...

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Finance

can someone please assist me with E9-2?

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You are required to: a. Prepare the journal entries in the accounting records of Rare Editions to record the transactions for May 20X7. b. Prepare the closing entries at 31 May 20X7. E9-2 Sandile Limited sells inventory for C250 000 to a customer. The customer is offered a settlement discount of 5% if the account is settled within 10 days. Normal credit terms are 30 days. It is expected that the customer will take up the settlement discount. Part A The customer settles the amount owing to Sandile Limited within the 10-day period. Part B The customer settles the amount to Sandile Limited after the 10-day period. You are required to: Prepare the journal entries in the accounting records of Sandile Limited to record the sale of the inventory and the settlement of the account by the customer, for each of the above two scenarios. Ignore VAT and ignore the cost of sales transactions. E9-3 Bongani Limited purchases inventory for C250 000 from a supplier. Bongani Limited is offered a settlement discount of 5% if the account is settled within 10 days. Normal credit terms are 30 days. It is expected that Ronar

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