The following transactions for January 2023 pertain to Sebai Suppliers. The entity applies a periodic inventory...

 

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The following transactions for January 2023 pertain to Sebai Suppliers. The entity applies a periodic inventory system and is not registered as a VAT vendor. 2023 Jan 5 Received R4 110 from D Tryon in full settlement of her account. 12 The owner, S Ismael, donated office stationery valued at R685 (cost price) to a local school. 18 Interest of R145 was charged on the three months overdue account of R5 250 of debtor N Miaba. 20 Sold inventory to M Klaas and received R2 630 in cash. 22 Paid R7 885 to ABC Bank on the mortgage bond. 28 Paid R3 675 cash for the weekly wages. REQUIRED: Analyse the above transactions of Sebai Suppliers in tabular format as follows: Account to be debited Element debited Example: May 2 Sebai Suppliers purchased inventory for the amount of R5 000 and paid cash. Sebai Suppliers makes use of the periodic inventory system. R -5 000 Date May 2 Purchases Amount Equity Account to be credited Bank Amount R -5 000 Element credited Asset The following transactions for January 2023 pertain to Sebai Suppliers. The entity applies a periodic inventory system and is not registered as a VAT vendor. 2023 Jan 5 Received R4 110 from D Tryon in full settlement of her account. 12 The owner, S Ismael, donated office stationery valued at R685 (cost price) to a local school. 18 Interest of R145 was charged on the three months overdue account of R5 250 of debtor N Miaba. 20 Sold inventory to M Klaas and received R2 630 in cash. 22 Paid R7 885 to ABC Bank on the mortgage bond. 28 Paid R3 675 cash for the weekly wages. REQUIRED: Analyse the above transactions of Sebai Suppliers in tabular format as follows: Account to be debited Element debited Example: May 2 Sebai Suppliers purchased inventory for the amount of R5 000 and paid cash. Sebai Suppliers makes use of the periodic inventory system. R -5 000 Date May 2 Purchases Amount Equity Account to be credited Bank Amount R -5 000 Element credited Asset

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Date Account to be debited Amount Element debited Account to be credited Amount Eleme... View the full answer