Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation. 1. In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity's bank account. A quarter of the amount is payable to the owner and the rest is not. 2. A client of Entity A who currently owes the company R23 000, purchased bricks to the value of R45 000 and paid R35 000 to reduce his outstanding balance. Entity A purchased the bricks for R18 000. 3. Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags. 4. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A. Select the correct

Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation. 1. In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity's bank account. A quarter of the amount is payable to the owner and the rest is not. 2. A client of Entity A who currently owes the company R23 000, purchased bricks to the value of R45 000 and paid R35 000 to reduce his outstanding balance. Entity A purchased the bricks for R18 000. 3. Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags. 4. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A. Select the correct

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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