B1 - Jane receives her $500 scholarship on her transaction bank account (transaction 1). She pays her $250 rent with a cheque (transaction 2) and a $100 food bill with her debit card (transaction 3).  She transfers $50 to her saving account (transaction 4). For each transaction,  below the balance sheet, (a)    Draw one balance sheet in which you represent the changes in Jane's balance sheet resulting from each transaction. [Mention precisely which items in the balance sheet are affected; represent the changes with arrows going up or down followed by the appropriate number]. Give a written explanation why the balance sheet is affected that way. [Be careful to not simply repeat  in words what can be already seen in the balance sheet. The explanation needs to add value. ] (5 marks)(b)    Calculate Jane's surplus and describe the form(s) that her surplus currently takes. [Provide clear definitions before applying numbers.]                 (2 marks)Hand write the answers on a blank piece of paper with your full name and student number at the top of the page. Take a picture or several pictures if needed and convert it or them into a pdf file. Upload the pdf file into this question. Only one pdf file can be uploaded so merge your pictures if needed. Carefully keep your hand-written answers and your original pictures for future reference.

Which of the following statements about the relationship between the transactions on the Income Statement and Balance Sheet are TRUE:You buy a $100 item of clothing on your debit card and you treat the clothing as an expense (not an asset). The immediate impact of this transaction at the time of purchase involves incurring an expense of $100, a decrease in profit of $100, a decrease in assets of $100 and a decrease in wealth of $100.You receive $100 in interest on a savings account. The immediate impact of this transaction to the time of receiving the interest is an income of $100, an increase in profit of $100, an increase in assets of $100 and an increase in wealth of $100.Question 8AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

In a bank reconciliation, the balance per bank will have _____________ deducted from its total.Select answer from the options belowinterest earnedoutstanding chequesEFT transfersdeposits in transit

QUESTION 3: FINANCIAL LITERACY: ANALYSIS OF TRANSACTIONS (12) Analyse and record the following transactions in the table provided. Example: Received a cheque from J. Houston for monthly rent, R600 NO General ledger: Account Amount = Owner's equity + Liabilities Debit Credit e.g. Bank Rent Income R600 + 600 0 Transactions: 1. Owner, C Chaba, contributed R 5 000 into his business bank account 2. Credit sales of merchandise to J. James for R900. (Mark up 50%) QUESTION 3: TRANSACTION ANALYSIS NO General ledger: Account Assets Owner's equity Liability Debit Credit E.g. Bank Rent Income + 600 + 600 0 1. 2. [12]

Using the T-accounts of the First National Bank and the Second National Bank given in this chapter, describe what happens when Jane Brown writes a check for $90 on her account at the First National Bank to pay her friend Joe Green, who in turn deposits the check in his account at the Second National Bank.

Which of the following would be added to the balance of the cash at bank account in the books on a bank reconciliation? Group of answer choices Outstanding cheques Outstanding deposits Notes collected by the bank Service charges