SWER BOOK sorption coletely the letter (A-H) COLUMN D. Creditor 2.3. The balance sheet account section in the General Ledger includes: A. Expenses and liabilities B. Income, assets, and owner's equity. (1) C. Assets, liabilities and owner's equity. D. Expenses and income (1) 2.4. Which transaction is recorded in the Cash Payments Journal? A. Credit purchases of goods from Skinner & Partners. B. Sales of goods on credit to C. Prinsloo. C. Receipt issued to Nico Els for merchandise. D. Issued a cheque to Mokoena & Sons for trading stock bought. (1) 2.5. The following are all recognised as assets in the business except: A. Buildings B. Creditors C. Petty cash D. Vehicles (1) [5] QUESTION 3 Analyse the transaction below to show the effect on the Accounting Equation in your ANSWER BOOK. 3.1. Cash takings at the till amounted to R4 000 for goods sold. A mark-up of 25% was applied. [5] TOTAL