On 1 March 2020, Maju Teras Bhd borrowed RM50,000 from MyBank Bhd and signed a 12%

one month note payable. MyBank Bhd charged 1% initial fee on the note. Maju Teras Bhd

assigned RM73,000 of its accounts receivable to MyBank Bhd as a security. During March

2020, Maju Teras Bhd collected RM70,000 of the assigned accounts receivable and RM3,000

of the sales were returned by the customers. Maju Teras Bhd paid the principal and interest on

note payable to MyBank Bhd on 1 April 2020.

REQUIRED:

Prepare all journal entries for Maju Teras Bhd if the companys reporting date is on 31 March

2020.