Assess the following accounting adjustments and identify the type of adjustment required and indicate which financial element it affects. From the below transaction select the correct combination of Column A and Column B from the drop-down list corresponding to your choice next to the question number. e.g. 1.1 E 7 = E (Property, Plant and Equipment) 7 (Non-current assets) Adjustment Table: Element: A: Correction of an error 1. Asset B: Allowance for credit losses 2. Equity C: Accrued income 3. Liability D: Accrued expenses E: Income received in advance F: Depreciation G: Credit losses H: Prepaid expenses I: Consumable inventory Question: A customer defaults on his account of R500 and the owner decides to write off the debt. E 3 D 3 C 1 G 1/2 A 2