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Gogba, is a former professional football player in the Asian region. After retirement, he ran the

Gogba Sports Merchandising business located at Kuala Lumpur City Mall. His company uses

a perpetual inventory system to record all inventory-related transactions. All inventory

purchased from suppliers is based on FOB shipping point. In addition to running on-premises

business, the company also sells items online such as Laroza and Ladaza. Previous records

show that purchased items are delivered on the same day the order is made and the customer

receives it the next day. Therefore, the company records the sales revenue on the day the

delivery is made.

The followings are the transactions that took place during April 2021:

Apr 4

Purchased inventory from Thai Sport Direct RM101,680, credit terms 10/10,

n/30.

6

Paid transportation and insurance costs for purchases from Thai Sport Direct on

April 4 amounting to RM500 and RM100 respectively.

8

Sold various items to customers online amounting to RM12,300. The cost of

goods sold was RM3,400 while the delivery cost of RM300 was paid by Ladaza.

10

Returned the damaged inventory to Thai Sport Direct and received a credit note

amounting to RM1,000.

11

Purchase inventory from AA Sports suppliers in cash of RM8,000 including

shipping costs.

13

Paid the amount owed to Thai Sport Direct.

14

Returned the wrong size item to AA Sports to be exchanged for the correct size

items. The cost of the goods was RM1,500 and the exchange was successfully

made on the same day.

15

Sold goods to customers through Laroza for RM15,000 cash. The cost of goods

sold was RM5,000. However, a total of RM500 from the sale was canceled by

the customer and a cash refund to the customer was made immediately. The

cost of returned items was RM100.

Required:

Prepare an adjusting journal entry on the loss of inventory costing RM700 detected

based on the physical stock inspection on 30 April 2021.