DR Cash at Bank CR Oct 1, Balance $16,000 Oct 24, Beachwear Sales $4,500 Oct 8, Electricity Expense $495 Oct 14 Clothing Racks $500 Oct 21, Interest Expense $60 Oct 31, Accounts Payable $532 Oct 31, Balance $18.913 DR Sewing table CR Oct 1. Capital $750 Oct 31, Balance $750 DR Clothing Racks CR $1,200 Oct 1, Balance Oct 14. Cash at Bank Oct 14, Accounts Payable $500 $1,500 Oct 31, Balance $3,200 Accounts Payable CR 31.Cash at Bank $532 $2.000 Oct 1, Balance Oct 14, Clothing Racks $1,500 Oct 31, Balance $2.968 Capital CR $43,000 Oct 1, Balance Oct 1. Sewing table $750 Oct 31, Balance $43.750 Beachwear Sales CR Oct 1, Balance Oct 24. Cash at Bank $83,487 $4,500 Oct 31, Balance $87.987 DR Interest Expense CR $180 Oct 1, Balance Oct 21.Cash at Bank $60 Oct 31, Balance $240 DR Electricity Expense CR $1,485 Oct 1, Balance Oct 8, Cash at Bank $495 Oct 31, Balance $1,980 QUESTION 4: Conceptual Framework (10 marks) *Element: Asset, Liability, Revenue, Expense, Equity) REQUIRED: Please write a letter in your own words, using the Harvard** referencing system wherever appropriate addressing the queries raised by Sahra Ong (the client). Sahra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 31st October (see question 2). When Sahra discussed this transaction with her friend Jed Skee, he told her that she should debit the account "Accounts Payable" but she does not know why and is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element* that was debited on the 31st of October. Ensure you explain why the account was debited. (8 marks) Up to an additional 2 marks will be awarded for following the formatting requirements below. Formatting hints: Date your letter the 4th of November 2020 Address your letter to Sabra Ong, 'Vacation', 4a Lane Court, Pt Shertz, SA 5111 Any formal business letter format is acceptable (a template has not been provided - students are expected to research business letter formats themselves). Set out your letter with subheadings to separate each part of your letter as you address the criteria required. Consider an appropriate way to begin and end your letter (consider the context of the letter). The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. No specific word count is prescribed. However, given the nature of the question, it would be expected that the entire letter (including address and sign-off) should require no more than a full page