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How do make a journal entries for maju teras bhd

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Reference no: EM132771949

Problem 1: Make a journal entries for Maju Teras Bhd if the company's reporting date is on 31 March 2020.

  • On 1 March 2020, Maju Teras Bhd borrowed RM50,000 from MyBank Bhd and signed a 12% one month note payable. MyBank Bhd charged 1% initial fee on the note. Maju Teras Bhd assigned RM73,000 of its accounts receivable to MyBank Bhd as a security. During March 2020, Maju Teras Bhd collected RM70,000 of the assigned accounts receivable and RM3,000 of the sales were returned by the customers. Maju Teras Bhd paid the principal and interest on note payable to MyBank Bhd on 1 April 2020.

Reference no: EM132771949

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