4.13 LO2–5 The following items appear in the balance sheet of a business as at 31 December 2017:

$

Current assets Prepaid insurance 500 Prepaid administration 1,000 Current liabilities Accrued wages 3,000 During the year to 31 December 2018 the following cash payments were recorded:

Cash payments $

Wages 50,000 Insurance 1,200 Administration 10,000 At the year-end (31 December 2018) you ascertain that $1,000 of wages and $1,200 of administration bills remain outstanding, and that $400 of insurance has been prepaid.

Prepare ledger accounts showing the entries for insurance, administration and wages, clearly showing the transfer that would be made to the profit and loss account.

What figures, if any, relating to these transactions, would be included in the balance sheet as at 31 December 2018, and under what heading would they appear?