Waffle Shack is a registered vendor, with a number of transactions in July that it has not yet encountered. It needs assistance in recording these transactions in its financial records. In order to assist the business, prepare the general journal entries (with narrations) for the following three transactions (voucher and folio numbers are not required):

Transaction 1

As a result of one of the finance staff members being on leave and no one fulfilling the role, the business did not settle one of their outstanding supplier accounts within the settlement period. As a result, the supplier charged them interest for one month on their outstanding balance of R146 000 on 31 July, with the suppliers annual interest charge being 20%.

Date	Details	Debit	Credit

Transaction 2

The owner of the business took a waffle iron from the business for use in her home on 15 July. The business initially purchased the waffle iron for R7 500. Its market value is now R5 250.

Date	Details	Debit	Credit

Transaction 3

A long-standing customer was offered a settlement discount if they paid their account in full within two months. The clients outstanding balance was R55 000 at the end of May, of which 30% was paid during June. No further sales were made to the customer during June and July and the client settled the remaining balance in full on 26 July, to take advantage of a 10% settlement discount on the amount outstanding in July. The business would like to know how to record the discount in their financial records.

Date	Details	Debit	Credit