You are required to: 1. Show how transactions 2 and 7 effect the financial position of the business as represented by A=E+L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and the name of the account that would be affected. (5 marks) 2. Prepare the general journal entrylies that would have been processed by Sidestep to record the following transactions. Ignore dates and narrations. 2.1. Transaction 4 ( 5 marks) 2.2. Transaction 9 (3 2.3. Transaction (4 marks) 12 3. Kwayd is worried that taking boots for his personal use will have a negative effect on his profit. Advise Kwayd on his concern and indicate whether you think he is justified or not in worrying. (2 marks) 4. Prepare the following accounts in the general ledger of Sidestep for the month ended 31 August 2013. Show dates and close off or balance the accounts where appropriate. 4.1. Trade receivables (5 marks) 4.2. Stationery asset (3 marks) 5. With regard to the two transactions you believed were incorrectly processed by the bookkeeper (transaction 10 and 11), prepare the correcting general journal entries to correctly reflect each transaction. ( 6 marks) 6. Prepare the statement of comprehensive income of Sidstep for the year ended 31 August 2013. You are required to clearly show the "gross profit', 'operating profit' and 'profit for the period'. (11 marks) 7. Prepare the 'aceumulatedncofit' column only of the You are required to: 1. Show how transactions 2 and 7 effect the financial position of the business as represented by A=E+L. You need to clearly indicate whether the element has increased or decreased and provide the relevant amount and the name of the account that would be affected. (5 marks) 2. Prepare the general journal entrylies that would have been processed by Sidestep to record the following transactions. Ignore dates and narrations. 2.1. Transaction 4 ( 5 marks) 2.2. Transaction 9 (3 2.3. Transaction (4 marks) 12 3. Kwayd is worried that taking boots for his personal use will have a negative effect on his profit. Advise Kwayd on his concern and indicate whether you think he is justified or not in worrying. (2 marks) 4. Prepare the following accounts in the general ledger of Sidestep for the month ended 31 August 2013. Show dates and close off or balance the accounts where appropriate. 4.1. Trade receivables (5 marks) 4.2. Stationery asset (3 marks) 5. With regard to the two transactions you believed were incorrectly processed by the bookkeeper (transaction 10 and 11), prepare the correcting general journal entries to correctly reflect each transaction. ( 6 marks) 6. Prepare the statement of comprehensive income of Sidstep for the year ended 31 August 2013. You are required to clearly show the "gross profit', 'operating profit' and 'profit for the period'. (11 marks) 7. Prepare the 'aceumulatedncofit' column only of the
