QUESTION 1 (23 marks) (28 minutes) Commence this question on a new (separate) page The following transactions for October 2011 pertain to New Age Supermarket The entity apples a periodic inventory system and is not registered as a VAT vendor 2011 Oct 3 The owner, W Bell, deposited R60 000 into the businesses bank account as additional capital 4 Purchased inventory on credit from E Fay for R1 200 and received a trade discount of 10% 7 A debtor, S Gore who owed R2 000, was declared insolvent by the North Gauteng High Court The outstanding balance on his account must be written off as irrecoverable 12 The owner, W Bell gave his son one of the entity's laptops, worth R4 000, when his son passed his LLB cum laude 20 A debtor, J Hurn, owes the entity R2 500 Interest at 12% per annum was charged on his 4 month overdue account 21 A digital data projector of R2 300 that was purchased to use in meetings was incorrectly posted to the equipment repairs account Correct the mistake 28 Issued a credit note to L Kost who returned faulty merchandise to the value of R1 100 purchased on 30 September 2011 on credit REQUIRED Analyse the above transactions of New Age Supermarket in tabular format as follows Date Account to be debited Example October 1 Account to Effect on the basic accounting equation be credited Assets Equity Liabilities Paid the monthly rental by cheque, R2 000 R R R Bank - 2000 2 000 loct 1 Rent expense NB. 1 The columns in respect of the accounting equation must NOT be totalled 2 Each amount MUST be preceded by a plus sign (+) for an increase or a minus sign (-) for a decrease 3 Show all calculations