Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected. Show how the below transactions affect the financial position of the business as representedby A = E + L. You need to clearly indicate whether the element has increased or decreasedand provide the relevant amount and account that would be affected.EG. The business pays R6 333 per month for the rental of some business premises. Allrentals were paid in cash during the year.No.EG.AE-75 996 Rent Expense-75 996 Bank(6 333 х 12)Please use format of table above for the below transactionsThe following transactions occurred in the business during the year ended 31 December2020:1.The owner deposited R105 000 cash into the business's bank account on 1January 2020.2.The business bought R450 000 worth of inventory from various suppliers duringthe year. 80% of these purchases were on credit and the remaining 20% werepaid for in cash.3.During the year the business paid R96 900 cash in operating costs. These costsrelated to goods and services that had all been used during the year.4.The employees earned R104 000 in salaries and wages during the year. Thesewere paid in cash by the end of the year.5.During the year the business paid creditors R400 000.6.The business received R1 010 000 in payments from debtors during the year.7.The business made cash sales of R410 400 and credit sales of R957 600 duringthe year.8.The cost of the inventory sold during the year was R480 000.9.A customer had returned goods on the 15 December 2020, selling price of R2280. The cost price was R912. The original sale had been for cash, and so thecustomer was refunded R2 280 in cash. The item was returned to inventory.10.The business rents the land out. The rental is R15 200 per month. Allrentals owing by tenants had been received by year-end and no amountshad been paid in advance for 2021.

Name: Show how the below transactions affect the financial position of the b
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Show how the below transactions affect the financial position of the business as represented by A = E + L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and account that would be affected.