Question 2

Indicate the appropriate source document, as well as the journal and amount that should be used to record the following transactions in the accounting records of Olympic Dreams for May 2020:

1. On 1 May, Olympic Dreams repaid R15 000 of the loan owing to Bronze Bank via EFT.

2. On 5 May, Olympic Dreams sold ten gold medal replicas on credit to Mrs Swimmer for a total of R500. The production cost per medal was R20.

3. The owner (Mr Phelps) contributed a vehicle of R45 000 to the business for customer deliveries.

4. On 10 May, Mrs Swimmer returned one of the gold medal replicas purchased on 5 May, as it was damaged. Her account was credited with the full amount.

5. On 24 May, Mr Phelps took three T-shirts home for his children. The T-shirts cost R100 each and had a selling price of R150 each.