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A business has taken out an annual licence at a cost of 12,496 which covers the period 01/08/X1 to 31/07/X2. Their year end is 28/02/X2.
A business has taken out an annual licence at a cost of 12,496 which covers the period 01/08/X1 to 31/07/X2. Their year end is 28/02/X2. What is the value of the prepayment adjustment required at 28/02/X2? (Round to the nearest whole number) (Enter the value with no sign, comma or decimal places) Which of the following journals would correctly post an adjustment for accrual of income? Select one: O A. DR Liability / CR Income Account OB. DR Income Account / CR Accrued Income OC. DR Accrued income / CR Income Account OD. DR Income Account / CR Liability 1 10 Finish
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