Question 2 (15 marks) Copy the table on the following page onto your answer sheet and complete the following transactions in the table. To do so, identify the account to be debited and credited. In addition, identify the effect of each transaction on the accounting equation. The first one has been completed for you. Example: The business sold goods worth R10 000 on credit. 1. 2. 3. The owner took one of the business's pieces of furniture, which was meant for resale, for personal use. This furniture cost R1 800 when the business initially purchased it. The business paid rates and taxes for the month, R1 500. The business sold 12 pieces of furniture costing R1 200 each at R2 500 each on credit to a retail customer (account for both the sales and the cost of sales) The debtor in (3) above, paid the amount owed and was granted an early settlement discount of 10% on the amount owed (both the payment and the discount need to be accounted for). 4. Milpark Education Introduction to Management Accounting IMACO1-5 Assignment March 2021 Page 3 of 7 No. Account to be Account to debited be credited Debtors Control Sales Effect on the accounting equation Assets Owners' Llabilities equity +10 000 +10 000 E.g. 1 2 3 3 4 4 Note to student: you have to put a plus (+) or a minus sign (-) in front of each amount