Question
Miss Factual, the owner of Qilux Enterprise, operates her business in Penang, where she sells children toys. The following business transactions were completed in December
Miss Factual, the owner of Qilux Enterprise, operates her business in Penang, where she sells children toys. The following business transactions were completed in December 2020. December 1 Purchased merchandise totalling RM20,000 from Babs Enterprise, half of the purchase was paid by cash. Credit term is 5/10, n/30. 5 Sold merchandise which worth RM9,700 on cash. Cost of goods sold was RM7,000. 8 Purchased merchandise on credit from Tobi Enterprise totalling RM17,000, terms FOB shipping point, 2/10, n/30. The transportation cost of RM200 is not yet added to the invoice. 10 Miss Factual paid Babs Enterprise for the balance outstanding on purchase of December 1. Sold merchandise worth RM4,500 on credit to Putra Enterprise terms 4/10, n/30. Cost of goods sold was RM1,760. Miss Factual paid Tobi Enterprise for the purchase made on December 8. 22 Received cash from Putra Enterprise for sale made on December 14. 24 Sold merchandise by RM12,000 on credit to Bukus Enterprise with terms 5/10, n/30. Cost of goods sold was RM5,700. 30 Bukus Enterprise returned merchandise totalling RM3,600 purchased on December 24. The cost of these items was RM1,300.
REQUIRED: Prepare journal entries for the above transactions based on perpetual inventory system (explanation is not required).
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