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On 1 March 2020, Himpun Bhd enters into a contract to transfer a product to Prospek Sdn Bhd on 31 July 2020. It is agreed

On 1 March 2020, Himpun Bhd enters into a contract to transfer a product to Prospek Sdn Bhd on 31 July 2020. It is agreed that Prospek Sdn Bhd will pay the full price of RM10,000 in advance on 1 April 2020. The contract is non-cancelable. Prospek Sdn Bhd, however, does not pay until 15 April 2020, and Himpun Bhd delivers the product on 31 July 2020. The cost of the product is RM7,500.

What journal entries are required on 1 March 2020, 15 April 2020 and 31 July 2020?

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