ASSIGNMENT 01 QUESTION 1 Lethabo Flower started her own baby clothing company, Flower Power Entity. Flower Power Entity has a 31 December year end. Flower Power Entity uses a perpetual inventory system. The following transactions occurred during the reporting period of 31 December 2017: (38 MARKS) The opening balance of Bank on 01 January was N$250 000. Flower Power entered into a contract on 25 March 2017 with ABC Entity to purchase a sewing machine for N$15 000 on credit The sewing machine was delivered to Flower Power on 01 April. Flower Power settled the payable to ABC Entity of N$15 000 for the sewing machine on 30 April. On 30 April Flower Power entered into a contract with XYZ Motors to purchase a delivery vehicle for N$180 000. The vehicle was registered in the name of Flower Power on 10 May and delivered on 15 June 1. 2. 3. 4