1. The purpose of the ledger is to A record chronologically the day's transactions B. keep a record of documentation to support each transaction C. keep in one place all information about changes in specific account balances D. make sure that all assets and liability accounts have normal balances at all times 2. The owner's equity will reduce when: Ia business obtains net profit Il a business ineurs net loss III the owner contributes additional capital IV the owner pays the business debt using his own pocket money V the owner withdraws goods for his personal consumption. All only B. II and only C. I,III and IV only D. II, IV and only 4. If shareholders equity increased by S5,000 and total liabilities increased by S45,000 during a period of time, then total assets A. decrease by 540,000 B. increase by $40,000 C. increase by 845,000 D. increase by $50,000 5. Olivia's payables control account has a balance at 1 October 2020 of 544,500. During October, credit purchases were $70,000, cash purchases were $2,400 and payments made to suppliers, excluding cash purchases were 570.900 and cash discounts of $1,200 was given. Purchase returns were 54,700 previously purchased on credit. What was the closing balance? (gnore GST) A. S37,700 B. $42,400 C. 543.600 D. S41,200