FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Entity A enters into the following transactions. You are required to show the impact of the transactions
below on the accounting equation.
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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.
Select the correct values from the dropdown menus in the table provided in the Blackboard activity.
MAR
7
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.
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