Question
Ned receives his monthly Telstra telephone bill on 25June 2020. Assume that Ned usesthe telephone 100% for business purposes. The amount of $290 is due
Ned receives his monthly Telstra telephone bill on 25June 2020. Assume that Ned usesthe telephone 100% for business purposes. The amount of $290 is due for payment on 15 July2020. Ned pays his telephone bill on 10July 2020.
On what datehas Ned incurred the telephone expense?
(b) Daisy works as a practising accountant in her own practice in Spring Hill. On 30 June 2020, she receives tax invoices for a number of business-related expenses, including:
- telephone of $450;
- stationery of $170;
- motor vehicle costs (consisting of fuel and oil) of $620; and
- professional indemnity insurance premium renewal of $3,300.
All of these expenses were paid by Daisy on 3July 2020.
On what date has Daisy incurred each of the above expenses?
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
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