On 1 March 2020, Himpun Bhd enters into a contract to transfer a product to Prospek Sdn

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On 1 March 2020, Himpun Bhd enters into a contract to transfer a product to Prospek Sdn Bhd on 31 July 2020. It is agreed that Prospek Sdn Bhd will pay the full price of RM10,000 in advance on 1 April 2020. The contract is non-cancelable. Prospek Sdn Bhd, however, does not pay until 15 April 2020, and Himpun Bhd delivers the product on 31 July 2020. The cost of the product is RM7,500.

What journal entries are required on 1 March 2020, 15 April 2020 and 31 July 2020?

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Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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Posted Date: Nov 02, 2023 09:43 AM

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On 1 March 2020, Himpun Bhd enters into a contract to transfer a product to Prospek Sdn

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Lets break down the journal entries for the transactions on 1 March 2020 15 April 2020 and 31 July 2... View the full answer

Intermediate Accounting Volume 1

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