Question 1 Advise Alex Yong (the owner of Alex Enterprise) on the following matters. Apply the appropriate accounting concepts that is applicable to each situation. Situation (a): Sales commission is 2% of the sales revenue generated. Total sales revenue for the current financial year of Alex Enterprise is $300,000. As $5,000 has been paid in the current accounting year for commision, Alex wanted to record the amount as commission expense for Alex Enterprise. (5 marks) Situation (b): Alex took out goods from Alex Enterprise for his personal use. Alex Enterprise has paid $1,000 to acquire the goods, which would otherwise have been sold off to its customers for $1,800. Alex felt that since he is the sole owner of Alex Enterprise, there isn't a need to make any accounting entry for the goods taken out from the business. (5 marks) (Total: 10 marks) >