1. Use this information to answer the following question.

Account Name	Debit (RM)	Credit (RM)
Sales		293,000
Sales Returns and Allowances	10,000
Purchases	68,000
Purchases Returns and Allowances		8,000
Freight-In	12,000
Selling Expenses	30,000
General and Administrative Expenses	110,000

In addition, beginning merchandise inventory was RM22,000 and ending merchandise inventory was RM14,000. Net income for the period was

1. RM173,000. B. RM93,000

1. RM63,000. D. RM203,000.

2. On 3 June 2020, Saudah Bhd sold merchandise worth RM1,600 on credit, terms 2/10, n/30. The merchandise sold had cost RM1,100. The customer paid the amount on 10 June 2020. What is the required journal entry to record the payment received under the periodic inventory system?

Debit (RM) Credit (RM)

1. Accounts Receivable 1,568

Sales Discounts 32

Cash 1,600

2. Accounts Receivable 1,600

Sales Discounts 32

Cash 1,568

3. Cash 1,568

Sales Discounts 32

Accounts Receivable 1,600

4. Cash 1,600

Sales Discounts 32

Accounts Receivable 1,632

10. Which of the following items is subtracted from the list amount and NOT recorded when computing purchase price?

1. Freight-in
2. Purchase return
3. Purchase discount
4. Trade discount