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Dave Toy Supplies imports and supplies Magic Box to the local market. Below are the transactions for the month of January 2020 Jan 2 Mr
Dave Toy Supplies imports and supplies Magic Box to the local market. Below are the transactions for the month of January 2020 Jan 2 Mr Dave, the owner, invested RM500,000 as capital into the business bank account Jan 5 Bought furniture for the office worth RM80,000. Jan 6 The owner applied RM200,000 loan from Bang Bank. Jan 8 Bought 10,000 units of magic box at RM50 per unit from AA Supplier on credit. Sold 6,000 units of magic box at RM68 per unit to KK Toyshop and received a cheque. Jan 12 Bought 1,000 units of magic box at RM50 each from BB Supplier and paid using a cheque. Jan 10 Jan 13 Sold 4,000 units of magic box at RM75 per unit to MM Toyshop on credit. Jan 14 KK Toyshop retuned 1,000 units of Magic Box A refund was made using a cheque. Jan 15 Bought 15,000 units of magic box at RM50 per unit from CC Supplier on credit. Jan 16 Returned goods 1,000 units of Magic Box to CC Supplier Sold 10,000 units of magic box at RM60 per unit to PP Toyshop on credit. Paid all the amount owed to AA Supplier and received 5% discount. Jan 19 Jan 22 Jan 23 Received payment in from MM Toyshop for the amount owed and allowed 2% discount. Jan 28 Paid RM22,000 salaries to employees using a cheque. Jan 29 Paid water and electricity bills, RM480 using a cheque. Jan 30 Paid rental expenses RM6,200 using a cheque. Jan 31 Bought and install a new signboard for the office, RM6,500. The payment was made using a cheque. Required: Prepare the journal entries (use perpetual inventory system)
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