An expense paid during a specific reporting period relates to a future

period. The matching concept requires recording the expense in the

period in which the expense has occurred. What are the accounting

entries required to record the expense following the matching

concept?

Debit Prepaid expenses, Credit Expenses

Debit Bank, Credit Expenses

Debit Expense, Credit Bank

Debit Expenses, Credit Prepaid expenses

Which amounts are required to record the disposal of assets

correctly?

The asset's initial cost price, accumulated depreciation, selling price

and salvage value on disposal

The asset's initial cost price, accumulated depreciation. selling price

and profit or toss on disposal

Tho

The asset's initial cost price, annual depreciation, sellinyt price and

profit or loss on disposal

The asset's selling price. accumulated depreciation. salvage value and

profit or loss on disposal

Question $19$

$\frac{0}{1}pts$

An entity has not yet accounted for an expense during a specific

reporting period. The matching concept requires recording such an

expense in the period in which the expense occurred. What are the

accounting entries required to record the expense following the

matching concept?

Debit Accrued expense, Credit Expense

Debit Expense, Credit Bank

Debit Bank, Credit Expenses

Debit Expenses, Credit Accrued expenses

Unanswered Question $20$

$\frac{0}{1}$ pts

Hattie Limited paid R$100000$ for a machine exactly four years ago.

The directors decided that the machine would have a residual value

of R$20$ OOO and depreciated the asset on a straight$-$line over five

years. The Company recently sold the machine for R$25000.$

Determine the profit or loss on disposal and the cash inflow amount

from this disposal.

Question $22$

Income for a specific reporting period has not yet been received or

accounted for. The matching concept requires recording the income

in the period the income has occurred. What are the accounting

entries required to record the income following the matching

concept?

Debit Bank, Credit Income

Debit Income, Credit Accrued income.

Debit Income, Credit Bank

Debit Accrued income, Credit Income

Question $25$

$\frac{0}{1}$ pts

Jamie Limited sold a car purchased four years ago for R$20000$ for

R$7000.$ On the disposal date, the accumulated depreciation on the

car amounted to $R16000.$ Determine the profit or loss on disposal

of the car.

R$3000$ loss

R$7000$ profit

R$3000$ profit

R$7000$ loss