FAC1503 ASSIGNMENT 5 -PACK.

On 25 January 2021, SA Traders withdrew cash and paid wages to the amount of R5 000. What will the effect of this transaction be on the accounting equation? Assets Equity Liabilities + 0 + 0 + 0 - + 0 Question 1 of 23 2.0/ 6.0 Points Click to see additional instructions SA Traders entered into the following transactions during July 2020. The entity uses the periodic inventory system and is not registered as a VAT vendor. Date Transactions 5 Purchased trading inventory on credit for R400. 11 Paid SA Traders’s water and electricity account of R1 100 with an electronic funds transfer. NB: 1. Do not type the amount with any spaces as separators for thousands (eg: 12141,72) 2. Use a comma to indicate any decimals (eg: 1000,01) 3. You must enter cents even if it is 0 (eg ,00) 4. You must round to the nearest cent 5. You must enter an amount in each of the open spaces. If the transaction does not have any effect on a certain aspect of the account equation, please indicate it with a zero (eg: 0). Solution: Part 1 of 12 - Part 1 1.0/ 6.0 Points FAC1503 ASSIGNMENT 5 -PACK. Indicate the nett effect of the transactions under the accounting equation: Assets Equity Liabilities R R R + 400,00 - 0,00 + 0,00 - 1500,00 - 1100,00 - 0,00 Answer Key:0, 400,00, 400,00, 1100,00, 1100,00, 0 Part 2 of 12 - Part 2 2.0/ 2.0 Points Question 2 of 23 2.0/ 2.0 Points Click to see additional instructions Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost price of R13 700. The mark-up percentage on cost is 9%. What will be the selling price of this product? NB: 1. Do not type the amount with any spaces as separators for thousands (eg: 12141,72) 2. Use a comma to indicate any decimals (eg: 1000,01) 3. You must enter cents even if it is 0 (eg ,00) Solution: R 14933,00 Answer Key:14933,00 Feedback:Refer to learning unit 7, paragraph 7.9 of the study guide. Part 3 of 12 - Part 3 3.0/ 3.0 Points Question 3 of 23 3.0/ 3.0 Points A bank reconciliation statement is a statement which ...  A. is sent by banks to their customers.   B. is sent by banks to customers who do not use their credit limit.   C. explains the difference between the bank balance shown in the entity’s accounting records (after reconciliation) and that shown on its bank statement.   D. is sent by banks to customers who exceed their agreed credit limit with the bank.  Answer Key:C Feedback:Refer to learning unit 3.5.1 & example 3.10 Part 4 of 12 - Part 4 3.0/ 3.0 Points Question 4 of 23 3.0/ 3.0 Points Which one of the following is NOT a method to be used to calculate depreciation expense?