Question 1 [35] MS L Recluse decided to open a bric-a-brac store in Johannesburg. The following transactions took place during January 2021 for Black Widow Designs: 1. The owner, Ms Recluse, deposited R65 250 as a capital contribution. 2. Purchased inventory on credit from Wolf Traders, R48 255. Deposited cash sales for the first week, R6 820. Inventory is marked up at 55% on cost. 3. 4. Purchased equipment on credit from Spider Manufacturers, R21 750. Paid the first month's rent, R7 500, as well as a deposit of R15 000 to RCI Investments. 5. Sold inventory on credit toR Feru, R10 075. Inventory is marked up at 55% on cost. 6. 7. Paid the first instalment due to Spider Manufacturers, R12 250. Received the telephone account for January 2021, R1 680. This account was only paid in February 2021. 8. 9. Received payment from R Feru on his account, R5 000. Required: Enter the above transactions in the accounting equation below, applying the duality concept. Example: Issued cheque 281 to Metro Cash and Carry for inventory. General Ledger Owner's Assets Liabilities No. equity Account Dr Account Cr E.g. Trading stock Bank 1 520

4 Question 1 [35] Ms L Recluse decided to open a bric-a-brac store in Johannesburg. The following transactions took place during January 2021 for Black Widow Designs 1. The owner, Ms Recluse, deposited R65 250 as a capital contribution. 2 Purchased inventory on credit from Wolf Traders, R48 255. 3 Deposited cash sales for the first week, R6 820. Inventory is marked up at 55% on cost Purchased equipment on credit from Spider Manufacturers, R21 750. 5 Paid the first month's rent, R7 500, as well as a deposit of R15 000 to RCI Investments. 6. Sold inventory on credit to R Feru, R10 075. Inventory is marked up at 55% on cost. 7 Paid the first instalment due to Spider Manufacturers, R12 250. 8 Received the telephone account for January 2021, R1 680. This account was only paid in February 2021. 9. Received payment from R Feru on his account, R5 000. Required: Enter the above transactions in the accounting equation below, applying the duality concept. Example: Issued cheque 281 to Metro Cash and Carry for inventory. General Ledger Owner's No. Assets Liabilities Account Dr Account Cr equity E.g. Trading stock Bank +1 520