Safari File Edit View History Bookmarks Window HelpuLink - Student...W1.2.uLink - Student...3.4.learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.comuLink - Student...21 445Entity A enters into the following transactions. You are required to show the impact of the transactionsbelow on the accounting equation.eContent9Bb https://learn-eu-...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.Entity A returned 150 bags of cement, as they were defective. On the same day, the outstandingbalance was settled through an online payment. This transaction did not affect the discountoffered to Entity A.Select the correct values from the dropdown menus in the table provided in the Blackboard activity.MAR7In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity'sbank account. A quarter of the amount is payable to the owner and the rest is not.A client of Entity A who currently owes the company R23 000, purchased bricks to the value ofR45 000 and paid R35 000 to reduce his outstanding balance. Entity A purchased the bricks forR18 000.DBegin: Unit 1 Acti...tv→6-RO*b Home | bartlebyXCanva+★ Questions+1+to+...cricutTue 07 Mar 13:10Cricut DesignSpace InstallĆCricut DesignSpace InstallCricut DesignSpace InstallCricut DesignSpace InstallGoogle Chrome

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Description: Safari File Edit View History Bookmarks Window HelpuLink - Student...W1.2.uLink - Student...3.4.learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.comuLink - Student...21 445Entity A enters into the following transactions. You are required

Accounting Equation The connection between a company's assets, liabilities, and equity is expressed…

Business

Accounting

ntity A enters into the following transactions. You are required to show the impact of the transactions elow on the accounting equation. 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. 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. 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. 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.

ntity A enters into the following transactions. You are required to show the impact of the transactions elow on the accounting equation. 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. 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. 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. 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.

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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1.1 S Temba owns and personally operates a business, TS Services. The following are a summary of the transaction for the period ended 31 May 2021 No Details of transaction I . Temba deposited an additional R50 000 into the business bank account. 2. Temba bought a second hand vehicle from H Ford Cars for R80 000. A deposit of R30 000 was paid and the balance will be paid in 5 instalments 3. Bought uniforms marked at R 15 000 from Major Fabs. Received a 10% cash discount and paid by electronic funds transfer. 4. Paid an amount of RI 8 000 for rent. 5. Received R8 400 from debtor to settle and account of R8 700. 6. Received an account for repairs to vehicles for R3 800. 7. A total of R72 400 was deposited by clients for services rendered. 8. Temba drew R7 000 from the business for personal use. 9. The first instalment for the vehicle bought from Ford Cars (refer No 2 above) was paid by an electronic funds transfer. 10. Paid…
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You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 Note: The tax rate is 32% Required: 1. Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about…
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