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QUESTION 1 Yusuff Lab Enterprise has conducted the following transactions throughout July 2020. Yusuff Lab Enterprise uses a continuous inventory system Mr. Yusuff has a trading company called Yusuff Lab Enterprise. His company supplies laboratory equipment. As of June 30, 2020, his company has been in operation 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. The account balances as at 30 June 2020 are as follows: July 3 Selling merchandise on credit to Endure Enterprise for RM30,000, terms 2/15, n/30, Free on Board (FOB) destination. The cost for the merchandise sold is RM27,200. 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 7 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 3 July. The cost for this damaged merchandise is RM1,050. July 17 Receive payment from customers for merchandise sold on July 3rd. July 23 Paid Lisa Lab Supply on items purchased on July 7th. Account Cash Account not yet received Merchandise Inventory Supplies Previous Rentals Office equipment Depreciation Provision - Office Equipment Notes Payable Accounts Payable Unpaid Salary Yusuff, Modal Yusuff, Withdrawal Sales Salary Expenses Sales Returns and Allowances Cost of Goods Sold Utility Shopping Rental Shopping Shipping Expenses Depreciation Expenses - Office Equipment Supply Expenses RM 43,400 17,800 50.150 4,500 21,000 110,000 16,500 50,000 24,000 13,900 109,000 11,000 698,800 2,000 135,000 464,250 10,000 11,100 25,000 5,500 1,500 Additional information: 1. 2. Depreciation is 10% per annum on the cost of office equipment. The physical calculation of the supply shows a supply balance of RM2,000 as at 31 July 2020. Salary expenses amounting to RM13,900 are still unpaid as at 31 July 2020 The rent for July is RM7,000. 3. 4. BE REQUIRED: (a) (i) Prepare journal entries to record transactions in July 2020. (ii) Prepare adjustment entries as at 31 July 2020. (b) Prepare the Income Statement for the month ended 31 July 2020 and the Balance Sheet as at 31 July 2020 for Yusuff Lab Enterprise. (c) Distinguish between FOB point of delivery and FOB of destination in terms of transfer of ownership and responsibility to pay freight cost