b. REQUIRED a. Show the effect of every transaction on the accounting equation by using the table below. Begin with the totals (balances) on 1 October 20.4. No. Assets Equity Liabilities Equip- ment Inven- tories Debtors Bank Capital Income Expenses Loan Creditors R R R R R R R R R Draft the statement of profit or loss and other comprehensive income of Freshers for the month ended 31 October 20.4. C. Draft the statement of financial position of Freshers as at 31 October 20.4. INFORMATION Freshers had the following assets and liabilities on 1 October 20.4: Equipment Inventory (merchandise/goods for resale) Debtors Bank (favourable) Loan from TT Bank Creditors Freshers had the following transactions during October 20.4: 4. 5. 2345 2. Issued invoices for R8 400 (cost R5 600) to customers for goods sold on credit. 3. Received R1 500 from a debtor as payment of his account. Purchased inventory on credit, R2 000. Paid repairs to equipment by EFT, R350. 6. Sold goods for cash, R7 200 (cost R4 800). 7. Paid rent of R3 000 by EFT. 8. Received an invoice for stationery purchased on credit, R120. 9. 10. Paid interest on the loan for October 20.4 at the market related rate of 10% per annum via EFT. Issued an EFT to a creditor to settle the account of R2 800. 11. Received R140 for the rent of a storeroom. R 65 000 18 000 7 500 8 100 30 000 11 600