I need b Question 3a. Premier Berhad is a retailer operating in Kota Warisan. Premier Berhad uses the perpetualinventory method. You are provided with the following information for Premier Berhadfor the month of July 2022.DateJuly 1July 9July 12July 16July 21July 25July 29DescriptionBeginning InventoryPurchaseSalePurchaseSalePurchaseSaleRequired:Calculate the following using FIFO method:i. Cost of goods soldii. Ending inventoryUnits120240200140120160220Unit Cost orSelling PriceRM25263527402840 b. IKEA Berhad used the allowance method to account for uncollectible accounts.Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 daysRM2,500 note.1530Wrote off RM1,500 owed by Network Berhad.Received a RM6,000 5% 30 day note receivable from Calvin Co. asexchange for its RM6,000 account receivable.May 30June 30Use 360 days to calculate the interest.RequiredThe note received from Calvin Co. on April 30 was collected in full.ABR Co. was unable to pay the note on the due datePrepare general journal entries for the above transactions of IKEA Berhad.

Note Receivable = Note receivable is a long term Liabilities which is owned by the Borrower &…

b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 days RM2,500 note. 15 30 Wrote off RM1,500 owed by Network Berhad. Received a RM6,000 5% 30 day note receivable from Calvin Co. as exchange for its RM6,000 account receivable. May 30 June 30 Use 360 days to calculate the interest. Required The note received from Calvin Co. on April 30 was collected in full. ABR Co. was unable to pay the note on the due date Prepare general journal entries for the above transactions of IKEA Berhad.

b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500 of merchandise to ABR Co. receiving an 8% 90 days RM2,500 note. 15 30 Wrote off RM1,500 owed by Network Berhad. Received a RM6,000 5% 30 day note receivable from Calvin Co. as exchange for its RM6,000 account receivable. May 30 June 30 Use 360 days to calculate the interest. Required The note received from Calvin Co. on April 30 was collected in full. ABR Co. was unable to pay the note on the due date Prepare general journal entries for the above transactions of IKEA Berhad.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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