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On 1 st September 2020, Tenang Jiwa Bhd used its receivables totalling RM350,000 as collateral on a 250,000, 15% note from Senyuman Bank. Tenang Jiwa Bhd will continue to collect the assigned receivables. Senyuman Bank will charge 2% as a finance charge which will be deducted in advance on the 250,000 value of the note. Collections of receivables for September is RM100,000, less cash discounts of RM800. On 1 st October, Tenang Jiwa Bhd paid to the bank the amount owed for September collection plus accrued interest. During October, Tenang Jiwa Bhd collected the remaining accounts except for RM550 written off as uncollectible. On 1 st November, Tenang Jiwa Bhd paid to Senyuman Bank the remaining account owed plus accrued interest.
REQUIRED:
Problem 1: Prepare the journal entries necessary for both Tenang Jiwa Bhd and Senyuman Bank.
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