Mr. Yusuff has a trading company named Yusuff Lab Enterprise. His company supplies laboratory equipment. As of June 30, 2020, his company has a working period for one and a half years. His company makes adjustments to the accounts on a monthly basis and closes the accounts at the end of each year. Account balances on June 30, 2020 is as follows:

Cash RM 43,400

Accounts Receivable RM 17,800

Merchandise Inventory RM 50,150

Suppies RM 4,500

Previous Rent RM 21,000

Office Equipment RM 110,000

Depreciation Provision - Office Equipment RM 16,500

Outstanding Notes RM 50,000

Accounts Payable RM 24,000

Unpaid Salaries RM 13,900

Yusuff, Capital RM 109,000

Yusuff, Take RM 11,000

Sales RM 698,800

Returns and Sales Allowances RM 2,000

Salary Spend RM 135,000

Cost of Goods Sold RM 464,250

Utility Spend RM 10,000

Rental Spend RM 11,100

Shipping Expenses RM 25,000

Depreciation Expenses - Office Equipment RM 5,500

Supply Spend - RM 1,500

Yusuff Lab Enterprise has conducted the following transactions throughout July 2020. Yusuff Lab Enterprise uses a continuous inventory system.

July 3 - Sold merchandise on credit to Endure Enterprise by RM30,000, terms 2/15, n/30, FOB destination. The cost of the merchandise on this sale is RM 27,200.

July 7 - Purchased merchandise on credit from Lisa Lab Supply for RM29,000, terms 2/15, n/30, FOB point of delivery. Pay the shipping cost of RM500.

July 15 - Selling merchandise in cash amounting to RM8,800. The cost for the merchandise sold is RM8,000.

July 16 - Received damaged merchandise worth RM1,200 from Endure Enterprise for merchandise sold on July 3. The cost for this damaged merchandise is RM1,050.

July 17 - Received payment from customers for merchandise sold on 3 July.

July 23 - Paid Lisa Lab Supply on items purchased on July 7th.

Additional information:

1. Depreciation is 10% per annum on the cost of office equipment.

2. The physical calculation on the supply shows a supply balance of RM2,000 at July 31, 2020.

3. Salary expenses amounting to RM13,900 have not been paid as at 31 July 2020.

4. The rent for July is RM7,000.

1. Prepare the Income Statement for the month ended 31 July 2020 and the Balance Sheet as at 31 July 2020 for Yusuff Lab Enterprise.