QUESTION 3 (35 MARKS) You have been presented with the following information for Terrible Traders that transpired during the month of August 2022. Date 1 Transaction The owner contributed an amount of R145 000 cash, as well as motor vehicle valued at R85 000 to the business. 3 Terrible Traders purchased trading inventory for R34 000 on credit from Golden Suppliers. 5 9 13 15 18 19 27 30 Required: The insurance premium of R8 000 was paid through the electronic funds transfer (EFT). A cash sale amounting to R64 000 was made, the goods were originally purchased at a cost of R34 000. Terrible Traders settled their account with Golden Suppliers Suppliers in full by cash. Sold goods on account to a customer, Mr. Bogus for R15 700. The goods were originally purchased at a cost of R14 200. Purchased trading inventory amounting to R22 000 for cash. Purchased a building in cash for R150 000. Made electronic payments for the workers' salaries and wages amounting to R42 000. Received a payment of R11 200 from Mr. Bogus, a debtor. a) Show the effects of the transactions incurred by Terrible Traders during the month of August 2022 on the accounting equation. Clearly indicate which account needs to be debited or credited. Ignore VAT and answer this question by using the format of the table provided on the next page. (26 Marks) Example: Paid for repairs and maintenance amounting to R11 000 cash. Date Account Debited 57 Account Credited ANNEXURE E-FORMATIVE ASSESSMENT 1 e.g. Repairs and maintenance Assets = Equity + Liabilities HFOA100-1-JUL-DEC2022-FA1-GT-V3-26072022 Bank -R11.000 -R11 000 b) Show how the following transactions for August 2022 will reflect in the ledger accounts of Terrible Traders. i. Purchased motor vehicle on cash for R24 000. ii. Paid monthly wages amounting to R12 300 cash. iii. Paid the monthly rent for R3 500 cash (9 marks)