ACC 1101 TUTORIAL - TRADE RECEIVABLE 1 Question 1 10/9/2016 Sold goods to ABC Sdn. Bhd. on credit worth RM50,000. A discount of 1% was given to ABC for purchase in large quantity. Credit term 3/15, net 45. 16/9/2016 ABC returned faulty goods worth RM4,000. 25/9/2016 ABC made full settlement of the amount due by cash. Required: Journalise the above transactions. Question 2 Prepare journal entries to record the following transactions: August 18 Sold merchandise to Blue Sdn. Bhd. for RM14,000 under credit terms of 2/15, n/30. August 25 Sold merchandise worth RM35,000 to Green Enterprise and allowed 2% trade discount. Credit term 2/20, n/60. August 28 Received RM4,000 worth of goods returned by Blue Sdn. Bhd. September 2 Received cash from Blue Sdn. Bhd. as full settlement of the amount due. September 5 Green Enterprise returned goods worth RM8,500. September 16 Received cash from Green Enterprise as full settlement of the amount due