In his Statement of financial position as at 1 June 2009, Albert, a retailer, reported rent accrued at £400, while insurance prepaid and rates prepaid were reported at £360 and £350, respectively. During the year ended 31 May 2010 the following payments were made:

Required: 

Post these payments to appropriate accounts in the ledger, make the year-end adjustments and identify how each item will be reported in the Statement of income for the year ended 31 May 2010 and the Statement of financial position as at that date.

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Date Item Amount 11.7.2009 Rent £600 24.9.2009 Insurance £1,200 3.10.2009 Rates 14.11.2009 Rent 16.3.2010 Rent 8.4.2010 Rates £700 £800 £800 £800 Period covered Three months to 30 June 2009 One year to 30 September 2010 Six months to 28 February 2010 Four months to 31 October 2009 Four months to 29 February 2010 Six months to 31 August 2010