Waffle Shack is a registered vendor, with a number of transactions in July that it has not yet encountered. It needs ass

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Waffle Shack is a registered vendor, with a number of
transactions in July that it has not yet encountered. It needs
assistance in recording these transactions in its financial
records. In order to assist the business, prepare the general
journal entries (with narrations) for the following three
transactions (voucher and folio numbers are not required):
Transaction 1
As a result of one of the finance staff members being on leave
and no one fulfilling the role, the business did not settle one of
their outstanding supplier accounts within the settlement period.
As a result, the supplier charged them interest for one month on
their outstanding balance of R146 000 on 31 July, with the
supplier’s annual interest charge being 20%.
Date
Details
Debit
Credit
Transaction 2
The owner of the business took a waffle iron from the business
for use in her home on
15 July. The business initially purchased the waffle iron for
R7 500. Its market value is now R5 250.
Date
Details
Debit
Credit
Transaction 3
A long-standing customer was offered a settlement discount if
they paid their account in full within two months. The client’s
outstanding balance was R55 000 at the end of May, of which
30% was paid during June. No further sales were made to the
customer during June and July and the client settled the remaining
balance in full on 26 July, to take advantage of a 10% settlement
discount on the amount outstanding in July. The business would like
to know how to record the discount in their financial records.
Date
Details
Debit
Credit