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G $-$ Learning unit $6$: Q$...$

Mapungubwe Traders uses a perpetual inventory system. All goods are sold at a mark$-$up of $40\%$ on cost$.($When using the perpetual inventory system all inventory purchased is recorded in the inventory account and when it is sold the cost price of the inventory is recorded in the cost of sales account and the inventory account. You will learn more about the topic in learning unit $6$ and $7.)$ The following information and transactions of Mapungubwe Traders are for August $2021$:

DatTransaction

e

$5$ Purchased goods on credit from a supplier to the value of R$7000.$

$7$ Sold goods to a customer for R$2000$ on credit.

$14$ On $26$ July $2021$ packing material was purchased for R$2500$ and paid with the business debit card and entered in the column for inventory in the cash payments journal and posted as such. Correct the error.

$23$ A debtor settled his account of R$3000$ with a direct deposit for R$2800.$

$26$ The owner took goods to the value of R$3500$ for his own use.

$31$ On $31$ July $2021$ an electronic funds transfer was made for R$8000$ to the insurance brokers for the payment of the insurance for the financial year.

REQUIRED:

Indicate for each of the above transactions which accounts in the general ledger must be debited and credited. Indicate the subsidiary journal where the transaction will first be recorded.

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