Waffle Shack is a registered vendor, with a number of transactions in July that ithas not yet encountered. It needs assistance in recording these transactions inits financial records. In order to assist the business, prepare the general journalentries (with narrations) for the following three transactions (voucher and folionumbers are not required):Transaction 1As a result of one of the finance staff members being on leave and no onefulfilling the role, the business did not settle one of their outstanding supplieraccounts within the settlement period. As a result, the supplier charged theminterest for one month on their outstanding balance of R146 000 on 31 July,with the supplier's annual interest charge being 20%.DateDetailsDebitCreditTransaction 2The owner of the business took a waffle iron from the business for use in herhome on15 July. The business initially purchased the waffle iron for R7 500. Its marketvalue is now R5 250.DateDetailsDebitCreditTransaction 3A long-standing customer was offered a settlement discount if they paid theiraccount in full within two months. The client's outstanding balance was R55000 at the end of May, of which 30% was paid during June. No further saleswere made to the customer during June and July and the client settled theremaining balance in full on 26 July, to take advantage of a 10% settlementdiscount on the amount outstanding in July. The business would like to knowhow to record the discount in their financial records.DateDetailsDebitCredit

ith narrations) for the following three transactions (voucher and are not required): on 1 t of one of the finance staff members being on leave and no or ne role, the business did not settle one of their outstanding sup within the settlement period. As a result, the supplier charged t

ith narrations) for the following three transactions (voucher and are not required): on 1 t of one of the finance staff members being on leave and no or ne role, the business did not settle one of their outstanding sup within the settlement period. As a result, the supplier charged t

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3A

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