Question 2 (Marks:25) Princess Perfect owns her own exclusive clothing boutique, Perfection. The entity does not quality to register as a VAT vendor and therefore ignore VAT. The perpetual inventory system is in use. 7 10 The following transactions, inter alia, took place during January 2018: Cash sales for the week amounted to R875 000 (Mark up 75% on cost price). loco + 75%=75) Paid by cheque for repairs made to the shop, R3 500. 15 Purchased new merchandise on credit from Exclusive Manufacturers, R799 000 21 Paid the cleaner's weekly wages using petty cash, R2 500. 28 Paid Exclusive Manufacturers (half) the amount owing to them. (See 15") 30 Princess was invited to attend a prestigious awards gala and took dress with a cost price of R9 000 to wear at the gala. orang 31 Princess purchased refreshments to serve to clients on credit, R650. . Required: For each transaction above indicate: The impact on the general ledger i.e. which account will be debited and which account will be credited; and Show the effect (i.e. amount and increase (+) or decrease (-)) of each individual transaction on the accounting equation (A=0E+L). Hint: Ensure that after each transaction your accounting equation A=OE+L is true. Example: Received R40 as interest on current account. Assets = + Liabilities No. Account Debit (DR) Account Credit (CR) Owner's Equity +40 0 +40 e.g. Bank Interest on Current Account