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On 1 January 2020, Mamin Mali started a business by bringing in cash amounting to RM110,000. The nature of the business is supplying books and stationeries to schools and colleges. The business was registered as El Jay Sdn Bhd. Mamin Mali closes the company's accounts every month and applies perpetual inventory system in maintaining its inventories. The balances of the company's accounts as at 30 April 2020 are as follows: ACCOUNTS Cash Accounts receivable Merchandise inventory Store supplies Prepaid insurance Store equipment Delivery van Notes payable Accounts payable RM 26,700 33,700 25,000 5,500 2,000 55,200 48,000 38,100 48,000 The following transactions were completed in May 2020: Date Transactions May 1 Purchased merchandise from SazLee Company, RM2,500, FOB shipping point, terms 5/15, n/30. The transportation cost of RM200 was paid to the transportation company. 3 Sold merchandise to Remy Enterprise, RM18,700, term 3/10, n/30, FOB shipping point. The cost of the merchandise, RM7.900. The transportation cost incurred was RM150. 5 Received credit memo from SazLee Company for the merchandise returned. RM500. 6 Paid advertising expense, RM390. 9 Paid SazLee Company in full. 10 Sold merchandise to EmDan Company on credit, listed price, RM20,000, trade discount 15%, credit term 2/10, n/eom. FOB destination. The cost of the merchandise, RM6,800. 12 Purchased merchandise from SayMee, RM5,000, term 2/10, n/30 and FOB destination. The transportation cost was RM200. 14 Paid transportation cost for May 10 sales, RM270. BKAN1013 BASIC ACCOUNTING 17 Allowed credit to EmDan Company for the merchandise returned, RM500. The merchandise cost was RM240. 20 Received payment in full from Remy Enterprise. 23 Sold merchandise for cash RM5,000 which had a cost of RM2,300. 28 Paid utility expense, RM300, salary expense, RM7,000 and miscellaneous expenses, RM5,000. 29 Paid RM15,000 cash for notes payable due. The following adjustments are to be made at the end of the month: 1. Store equipment and delivery van were bought on 1 February 2020 and no depreciations have been recorded. The annual depreciation rate for both assets is 10%. 2. A check on store supplies showed a balance of RM2,000 at the end of the month. 3. Utility expense accrued RM200. 4. On 1 January 2020, the company has paid in advance, RM3,000 for insurance covering from January to December 2020. REQUIRED: (a) (b) (c) (d) (f) (g) Journalize all the transactions occurred in May 2020. Prepare the adjusting entries for the month of May 2020. Prepare the trial balance as at 31 May 2020. Prepare the Statement of Profit or Loss for the month ended 31 May 2020. Prepare the Statement of Financial Position as at 31 May 2020. Journalize the closing entries for the month. Prepare the trial balance after closing the accounts. (10 Marks) (5 Marks) (7 Marks) (4 Marks) (5 Marks) (4 Marks) (5 Marks)