QUESTION 3 Honey Enterprise keeps a three-column cash book. During the month of July 2014 the following transactions took place : July 1 Balances bif Cash in hand $1,000: Cash at Bank $6.000 2 Received from Harry (debtor) a cheque of $735 less discounts allowed 535 3 Cash sales banked in $500 5 Withdrew $600 from the bank for business use Paid to Boon (creditor) by cheque $500 less 4 per cent discounts received 6 lo The business owner took out cash from the office for private use $300 10 Cash purchases $100 15 16 20 Paid motor expenses $200 by cash Paid to Fong by cheque $400 less 5 per cent discounts received Paid wages $500 in cash Received from Jack (debtor) $218 cash less discount allowed $18 Received commission $200 by cheque Bought a motor van costing $8,000 by cheque 22 26 30 REQUIRED: (a) Explain the meaning of: (1) Discounts allowed () Discounts received (4 marks) (b) Enter the above transactions in a Three-Column Cash Book, close the cash book and bring down the balances (16 marks)