8 10 12 QUESTION 2 (20 MARKS) A. You have recently been employed as the assistant financial executive in a merchandising company, Black Gold Sdn. Bhd. The company specialised in importing toys from China for resale in the Malaysian market. The chief financial officer (CFO) has assigned you to prepare journal entries for the following transactions: Oct 5 Paid cash of RM9,000 for operating expenses that were incurred and properly recorded in the previous period. Purchased merchandise for RM25,000 on account. Credit terms: 2/10, n/30; Freight term: FOB shipping point. Paid freight bill of RM470 for merchandise purchased on October 8. Borrowed RM100,000 from CIMB Bank signing an 8%, 3-month note. 15 Paid for merchandise purchased on October 8. Sold merchandise for RM15,000 on account. The cost of the merchandise sold was RM9,000. Credit terms: 2/10,n30. Freight term: FOB shipping point. Purchased a 2-year insurance policy for RM2,400 cash. Issued a credit memo no. 151 for RM1,000 for merchandise returned by customer from the sale on October 20. The cost of the merchandise returned was RM600. 29 Purchased office equipment for RM15,000 paying RM4,000 in cash and signing a 3-month, 9% note for the remainder. Additional information: The company uses perpetual inventory system. 20 22 25 REQUIRED: Prepare the necessary journal entries during the month of October 2020 for each business transactions above (Journal entry explanations ARE NOT required). (12 Marks)