Bz102 Prepaid Insurance Answers | Assessment Answer
Answer:
General Journal | ||||
Date | Particulars | Debit | Credit | Explanation/ working |
29-Jun | Electricity expense | $ 823 | Since the bill was received for period 20th Mar to 20th Jun, so it needs to be charged off completed . | |
To Electricity expense payable | $ 823 | |||
(To record electricity bill received and payable) | ||||
30-Jun | Prepaid insurance (1260/12*2) | $ 210 | Since two months (Jul and Aug) are prepaid, we need to transfer the expenses for these two months in prepaid ledger from the expenses account. | |
To Insurance expense | $ 210 | |||
(To record prepaid insurance of Aug & Sep, booked under insurance expense) | ||||
30-Jun | Wages expense | $ 1,200 | Since wages have not been paid for five working days of Jun month as on date of closing, these needs to be accrued. | |
To Wages expense payable | $ 1,200 | |||
(To record wages payable on 2nd July) | ||||
30-Jun | Service Fees revenue account | $ 400 | Since the services has not been provided yet, therefore complete amount needs to be transferred to unearned service revenue ledger. | |
To Unearned services fees revenue | $ 400 | |||
(To record services fees received, but services to be provided) | ||||
30-Jun | Commission revenue receivable | $ 550 | Since the services have been provided, same needs to be recognized in the current accounting period. | |
To Commission revenue | $ 550 | |||
(To record commission earned but not received) | ||||
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