Use the Zipbooks accounting software July 1 Alan, the owner of Firewire, had his first day of business opening. The initial balances for the following accounts are as follows: cash is RM120,000, inventory (network products) is RM60,000, motor vehicle is worth RM60,000, and the balance is made up of capital, and accumulated depreciation of the motor vehicle. 3 Firewire sold network products by credit to Adu Bhd for RM90 000. The COGS is RM20 000. 4 Adu Bhd returned damaged goods that were originally sold for RM4,500 in sales revenue. The cost of goods sold (COGS) amount is proportional to the sales revenue as per the 3 July sales transaction. The damaged goods cannot be sold and must be written off. 6 Firewire purchased on credit network products from Skytron Ltd for RM20 200. 6 Firewire bought office supplies from Popular Malaysia for RM900, paying in cash. 12 Firewire returned damaged goods to Skytron, which originally cost RM6,000. 13 Firewire's warehouse experienced a fire, resulting in the destruction of RM23,000 worth of inventory. Unfortunately, Firewire did not have fire insurance to cover the loss. 16 Firewire purchased fire insurance with an annual premium of RM3,600, starting from July 16, 2023. The full amount of the annual premium was paid in cash. 17 to 30 Alan, the owner of Firewire, took it upon himself to clean the warehouse and spent over two weeks restoring the shop. Despite initially deciding not to assign a monetary value of RM50,000 to his effort, his wife disagreed. She encouraged him to claim at least RM10,000 for his dedicated contribution. 31 During the stocktake, Firewire conducted an inventory assessment and found that the inventory on hand amounted to RM31,190. The discrepancy between the stocktake value and the amount recorded in the books is not significant. 3 Further information All transactions recorded are to be rounded to the nearest Ringgit (RM). Firewire keeps track of the individual account receivable and accounts payable. The motor vehicle of RM60 000 was purchased on the 1 July 2022 and depreciated using the straight-line method. The salvage value is RM20 000 and has a useful life of 5 years. The financial year for Firewire concludes on July 31, 2023