QUIZ - A Star Wars Story....

QUIZ

A long time ago, in a galaxy far far away….

Yoda, the owner of a manufacturing company called Resistance Inc is reconciling its accounts receivables figures. The list he found as at 30 August 2018 are as below;

No	Description	RM
1	Darth Vader	16,870
2	Luke Skywalker	4,260
3	Princess Leia	22,770
4	Hans Solo	10,380
5	Obi Wan Kenobi	800
6	Erso	1,420
7	Kylo	11,390
8	Rey	7,800
9	R2D2	28,000
10	C3PO	13,880

Below are the transactions which occurred in the month of September 2018.

1. Darth Vader made a cash purchase of RM2,500 and made a cheque to settle half of the outstanding amount.
2. Luke Skywalker paid RM1,260 through a bank transfer and promised to pay the balance on October 2018.
3. Princess Leia paid on behalf of Hans Solo amounting RM2,380 and later died in a crash while running away from the First Order.
4. Han Solo paid respect to the late Princess Leia and settled a cheque of RM2,500 for R2D2 for bringing him to Leia’s funeral.
5. Obi Wan Kenobi made additional credit purchase for RM3,400. Two days later, he made some purchase return amounting to RM400.
6. Erso paid RM420 by cheque but later found that the cheque was dishonoured due to insufficient fund in his account.
7. Kylo ran away because he failed to be a Jedi and nowhere to be found. Yoda declared his accounts as bad debt.
8. Knowing that Rey lost her lightsaber, Yoda sold his latest edition of his lightsaber to Rey at a price of RM5,000 which Rey paid RM1,000 cash and the balance was on credit.
9. Yoda offered R2D2 to settle off his debt by giving 10% discounts. He took the offer and wrote a cheque for it.
10. C3P0 as always made his payment by cheque for RM4,000 and a credit purchase of RM2,000 from Yoda. This is a recurring transaction which occurs every month.
11. On 28^th September 2018, Chewie appeared after he was declared bankrupt. He apologise and paid RM10,400 by cheque to settle off the history created by him.

Required:

a)   Journal entries for the above transactions.

b)   Accounts receivable statement as at 30^th September 2018.

c)   Yoda decided to make 5% provision for doubtful debt for the outstanding balances.

d)   Extract of SOCI and SOFP ending 30^th September 2018.