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QUESTION 2 The followings are the transactions for Perniagaan Ikhlas. 1. On 3 Dec. selling RM570,000 goods to Cerdik Enterprise, credit term 1/10, n/ 30,
QUESTION 2 The followings are the transactions for Perniagaan Ikhlas. 1. On 3 Dec. selling RM570,000 goods to Cerdik Enterprise, credit term 1/10, n/ 30, FOB Destination. Pay RM400 for transportation charges. The cost of the goods is RM350,000. 2. On 8 Dec. Cerdik Enterprise was given an allowance of RM20,000 on goods purchased on 3 Dec. 3. On 13 Dec. Perniagaan Ikhlas receives the balance of debt from Cerdik Enterprise. Required: a) Prepare journal entries to record transactions in the Perniagaan Ikhlas using a perpetual inventory system. b) Assume Perniagaan Ikhlas receives the balance of debt from Cerdik Enterprise on 2 January of the following year, not December 13. Prepare a journal entry to record receipt of payment on 2 January
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