Mr. Ahmad is a manager of Kenanga Sdn. Bhd. which engaged in retail business industry. Kenanga Sdn. Bhd. has been in the business since a decade. Mr. Ahmad's staff is very confused regarding the recording of the transactions. In order to record revenue, there is a specific accounting standard called MFRS 15 Revenue from Contracts with Customers. The following conditions must be fulfilled.

i. The significant risk and rewards of the goods have been transferred to the purchaser of the goods,

ii. The amount of revenue can be measured with sufficient reliability,

iii. The seller of the goods does not hold any control over the goods once it is sold,

iv. There is a significant probability that the buyer of the goods will pay for the goods,

v. The cost of the goods can be measured reliably for the seller.

Required:

Explain how Mr. Ahmad advise his staff on how to account for each transaction below along with reasons to educate him.

a) A customer purchased the shoes from the retail outlet using his credit card on 29th December, 2018 at a price of $500. But it received in Kenanga Sdn. Bhd.'s Merchant bank account on 2nd January, 2019.

b) A corporate client placed a bulk order to the Kenanga Sdn. Bhd. on 15 December, 2018. The order has been fulfilled in December but the client has not paid for it until January.

c) A corporate client requested the luxury furniture on 31st December 2018 amounting to $ 7,000. The furniture was delivered at the client's office on 2nd January, 2019.

d) Kenanga Sdn. Bhd. also sells prepaid vouchers at discount to mass public. This help customer pays in advance to the Kenanga Sdn. Bhd. and shop at their appropriate timing multiple times. The validity of these prepaid vouchers is 6 months.

e) Kenanga Sdn. Bhd. has received an advance payment for its upcoming event from a client in December. Kenanga Sdn. Bhd. has not received any purchase order for the said payment.