During the reviewing of the accounting records of Hokomo Antiques, owned by Rahim. As the newly appointed accountant, you have uncovered the following situations.

1. In April, a cheque for RM500 was written to Mumy Day Care Center. This amount represents child care for his son.

2. Rahim plans a Going Out of Business Sale for May, since he will be closing his business for a month-long vacation in June. He plans to reopen on 1 July and will continue operating Hokomo Antiques indefinitely.

3. Rahim received a shipment of pine furniture from Shanghai, Republic of China. The invoice was stated in Renminbi.

4. A customer paid RM1,500 for a dining table. The amount was recorded as revenue. The table will be delivered to the customer in six weeks.

5. Two years ago, Rahim bought a motor vehicle worth RM30,000 for business purpose. It is recorded as RM15,000 which is the market value today.

Required:

Compose a memo to Rahim. Cite the appropriate accounting principle and suggest an action for each separate item.