For the following questions write down corresponding correct letter next to the question number only. Eg. 1.11 A -Information for questions : Mel?s Beauty Spot is a beauty salon in Durban. Information relating to the beauty supplies for the three month period from 1 January 2016 to 31 March 2016 is provided below: Details R Beauty supplies unused at 1 January 2016= 580 Trade payables at 1 January 2016 =700 Beauty supplies purchased on credit from 1 January 2016 to 31 March 2016= 5 400 Trade payables at 31 March 2016 980 Beauty supplies unused at 31 March 2016 =1 240 The trade payables represent the amount owing to the supplier of beauty supplies only. 1.3 The beauty supplies used during the three months from 1 January 2016 to 31 March 2016 amount to: a) R4 740 b) R5 400 c) R660 d) R4 160 e) R4 860 1.4 A business purchases R5 000?s worth of stationery for the year and records the stationery as an asset. During the year R3 500 of the stationery is used. What adjusting entry should be processed? a) Dr Stationery asset R1 500 Cr Stationery expense R1 500 b) Dr Stationery expense R3 500 Cr Stationery asset R3 500 c) Dr Stationery expense R3 500 Cr Bank R3 500 d) Dr Stationery asset R3 500 Cr Bank R3 500 e) Dr Bank R3 500 Cr Asset R3 800 1.5 Which of the following statements is true? a) Closing entries are processed in order to net income and expense accounts balances off to zero. b) Income, expense, asset, liability, and equity accounts are closed off at the end of the financial period. c) Adjusting entries are prepared after closing entries. d) The profit for the year is calculated in the trading account. e) Property is a liability.