HEAD OF DEPART ENTbelowTransactions of Lubanz's Garden Services for January 20201.Lubanzi Gumede deposited R200 000 into the bank account of the business the tosinissued receipt number 001According to cash register roll, a total of 16 000 was received for services renderedBought equipment of R7000 and paid by cheque number 01Purchased a business vehicle for 63 500 paid by cheque number 023.102128Paid the manager S Ntuli, his salary of R 8000 with cheque 03DATESOURCEJOURNALASSETSOWNER'SEQUITYDOCUMENTLIABILITIESHEAD

Accounting equation of the business shows that total assets in the business should always be equal…

below Transactions of Lubanz's Garden Services for January 2020 Lubanzi Gumede deposited R200 000 into the bank account of the business the issued receipt number 001 According to cash register roll, a total of 16 000 was received for services rendened Bought equipment of R7000 and paid by cheque number 01 Purchased a business vehicle for 63 500 paid by cheque number 02 3. 10 21 28 Paid the manager S Ntuli, his salary of R 8000 with cheque 03 SOURCE DOCUMENT DATE OWNER'S EQUITY JOURNAL ASSETS LIABILITIES

below Transactions of Lubanz's Garden Services for January 2020 Lubanzi Gumede deposited R200 000 into the bank account of the business the issued receipt number 001 According to cash register roll, a total of 16 000 was received for services rendened Bought equipment of R7000 and paid by cheque number 01 Purchased a business vehicle for 63 500 paid by cheque number 02 3. 10 21 28 Paid the manager S Ntuli, his salary of R 8000 with cheque 03 SOURCE DOCUMENT DATE OWNER'S EQUITY JOURNAL ASSETS LIABILITIES

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Deb secured a line of credit for her business and received the following statement of account for the month of February 2021. Date Transaction Deposit Withdrawal Balance Feb 1 Balance -450 Cheque 262 Deposit Feb 4 570 -1020 Feb 10 2250 1230 Cheque 263 Cheque 264 Feb 16 280 950 Feb 20 1090 -140 Feb 22 Cheque 265 100 -240 Feb 27 Cheque 266 160 -400 Feb 28 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 7% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 18% p.a. is charged on daily amounts exceeding $1,000. Service charge of $5.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account…