QUESTION 5 The owner took goods with a selling price of R1 400 for personal use. The entity maintained a gross profit percentage of 30% (on selling price) and applies the perpetual inventory system. What would the correct double entry of this transaction be? i. Debit Drawings, R980 ii. Debit Drawings, R1 077 iii. Debit Drawings, R1 400 iv. Credit Inventory, R980 Credit Inventory, R1 077 vi. Credit Inventory, R1 400 vii. Credit Purchases, R980 li and v. ci and vii. olii and vi. o i and iv. V