Use the transactions given on the table provided. Some information has already been filled in for the ACCOUNTING EQUATION.

Here is the completed accounting equation table: Step 1: Analyze Transaction 1. Paid Telkom R500 via EFT for business telephone account. • The Telephone account (an expense) is debited, decreasing Owner's Equity. • The Bank account (an asset) is credited, decreasing Assets. Step 2: Analyze Transaction 2 (Sales part). Sold goods on credit for R216. • The Debtors account (an asset) is debited, increasing Assets. • The Sales account (revenue) is credited, increasing Owner's Equity. Step 3: Analyze Transaction 2 (Cost of Sales part). Sold goods on credit for R216 at a mark-up of 80%. • Calculate the Cost of Sales: Selling Price = Cost × (1 + Mark-up percentage) R216 = Cost × (1 + 0.80) R216 = Cost × 1.80 Cost = (R216)/(1.80) Cost = R120 • The Cost of Sales account (an expense) is debited, decreasing Owner's Equity. • The Trading Stock account (an asset) is credited, decreasing Assets. Step 4: Complete the table. | No. | Account debited | Account credited | Assets | Owner's Equity | Liabilities | | :-- | :-------------- | :--------------- | :----- | :------------- | :---------- | | 1 | Telephone | Bank | -500 | -500 | 0 | | 2 | Debtors | Sales | +216 | +216 | 0 | | | Cost of Sales | Trading Stock | -120 | -120 | 0 | That's 2 down. 3 left today — send the next one.