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New Horizons Ltd$.$ is an electronic gadget retailer in Johannesburg, South Africa. The

company has a $30$ June financial yearend.

As the assistant accountant, you are presented with several transactions related

to the month of June $2024$ which must still be recorded:

$1.$ New Horizons Ltd$.$ agreed on a deal with TechHub Suppliers, obtaining inventory

valued at R$240000.$ The payment terms were $2/10,$ n$/30.$ By settling within $10$

days, New Horizons Ltd$.$ availed a $2\%$ discount.

$2.$ Sales were made on credit to Gadgets R Us$,$ amounting to R$400000.$ These goods

were procured at a cost of R$220000.$ Gadgets R Us later returned defective goods

valued at R$20000($original cost: R $10000)$ and were issued credit note CN$010$

by New Horizons Ltd$.$

$3.$ Bonuses for the year amounting to R$160000$ were recognized. $10\%$ of this sum

remained unsettled at the month's end, which is due to be paid in the next financial

year.

$4.$ Moonlight Ltd$,$ a debtor of New Horizons Ltd$.,$ declared bankruptcy, leaving an

outstanding amount of R$80000.$ However, New Horizons Ltd$.$ managed to recover

R$45000$ through Moonlight Ltd$\text{'}$s legal representatives as a settlement.

$5.$ New Horizons Ltd$.$ entered into a six$-$month agreement with FastMove Logistics for

product deliveries at a fixed monthly fee of R$30000,$ starting from $1$ July $2024.$ An

advance cash payment covering the entire $6-$month period was made in June $2024.$

$6.$ A building was acquired for R$2000000.$ A down payment of $15\%$ was made, with

the remaining amount financed through a loan from Invest Bank.

$7.$ New Horizons Ltd$.$ disposed of a vehicle, initially costing R$100000$ and with

accumulated depreciation of R$30000,$ for a cash consideration of R$80000.$

$8.$ An electricity rebill was received from the Municipality. As a result, New Horizons

Ltd$.$ recognized an additional annual electricity expense of R$84000$ and paid just

half of this adjusted amount REQUIRED:

Prepare the general journal entries to document transactions $1-8$ for New Horizons

Ltd$.$ for the financial year ending $30$ June $2024.$ Please note that specific dates and

detailed narratives are not necessary. Use the following format:

No$.$ Detail$/$Account Debit Credit

$01$ Account Name $($SFP$/$SOI$/$SCE$)$ xxx

Account Name $($SFP$/$SOI$/$SCE$)$ xxx

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