QUESTION 8 The entity bought inventory, marked R3 300, with a the business's debit card and received 10% cash discount What would the correct effect of this transaction on the basic accounting equation be if the perpetual inventory system is in use? i. Increase in Assets, R3 300 ii. Increase in Assets, R2 970 Increase in Liabilities, R 330 iv. Decrease in Assets, R3 300 V. Decrease in Assets, R2 970 vi. Decrease in Equity, R330 oliv and vi. i and iii. o iv and v. ii and v