Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Vba Advanced Advanced Techniques For Finance Pros

Authors: Hayden Van Der Post

1st Edition

979-8864994818

More Books

Students also viewed these Accounting questions

Question

The fear of making a fool of oneself

Answered: 1 week ago

Question

Convert 47.675 degrees into degrees minutes and seconds

Answered: 1 week ago

Question

Identify three ways to manage an intergenerational workforce.

Answered: 1 week ago

Question

Prepare a Porters Five Forces analysis.

Answered: 1 week ago

Question

Analyze the impact of mergers and acquisitions on employees.

Answered: 1 week ago