300 QUESTION 3 (20 MARKS) AM Enterprise, a merchandising business, has been in operation for a few years. The business used the perpetual inventory system in its transaction recording Below is the business's Trial Balance as at 31 December 2019: AM Enterprise Trial Balance as at 31 December 2019 Db Credit RM RM Cash 17.500 Account Receivable Merchandise Inventory 8.000 Office Equiment 24.000 Accumulated Depreciation - Office Equipment Account Payable 6.500 Capital 55.200 55.700 The transactions occurred during the month of January 2030 are as follows: 1. Purchased merchandise on account from LY Sdn. Bhd, listed price of RM24,000. trade discount 15%, with credit term of 2/10, 30, POB destination Sold merchandise to NZ Enterprise for RM 19.00 under credit terms of 3/15,30 FOB shipping point. The cost of merchandise sold was MR. 3 Returned faulty merchandise to LY Sdn. Bhd. of RM6,000. 4 Sold merchandise to ED Enterprise for cash RM10,000. The cost of merchandise sold was RMS 400 5 Paid LY Sdn. Bhd. the amount due within the discount period. Paid salaries expense of RM3.600. rent expertise of RM2.800 and miscellaneous expense of RM200 7 Office equipment is depreciated at RM2,400 per you, REQUIRED: 2) Prepure journal entries to record the above transactions and adjustment BLIND (b) Prepare Statement of Profit or Loss and Other Comprehensive Income (multiple step) for the month ended 31 January 2020 and Statement of Financial Position as we 31 January 2020 (9 Marks (c) Explain the difference between the nature of AM Enterprise as a merchandise business and EDC Hotels and Resorts as a service business