Which of the following journals would correctly post an expense accrual? Select one: A. DR Expense Account/CR Accruals O B. DR Expense Account/CR Asset O C. DR Accruals / CR Expense Account O D. DR Asset / CR Expense Account Clear my choice A business has taken out an annual licence at a cost of 8,496 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) Answer Sophia pays her rent quarterly in arrears and her year end is 31st December. During the year she has made payments as follows: 1st May tre quarter ending 30th Apr) 1,750 1st Aug (re quarter ending 31st jul) 1,750 1st Nov tre quarter ending 31st Oct) 2,250 Sophia anticipates that her next quarter's payment will be the same as she paid in November How much will she show for rent on her statement of profit or loss at 31st December? (Round to the nearest whole number) Enter the value with no sign. commo or decimal places) Answer: Which of the following are items which are likely to need an accrual adjustment at the year end? Select one: A Commission received B. Machinery C. Bank O D. Sales Clear my.choice The gas account for the year ended 30 June X2 is as follows: E Opening balance for gas accrued at 31st July x1 400 Payments made during the year. 10 August X1 for the three months to 31 July x1 720 12 November X1 for the three months to 31 760 October 1 3 February X2 for the three months to 31 January X2 970 18 May x2 for the three months to 30 April 2 880 It is anticipated that the next quarter's payment will be the similar to the last quarter. The opening balance on the gas expense account at 1 July X1 is 400 Choose... The journal to post the required gas expense accrual at 30 June X2 is: Choose Gas Choose Choose... Accruals Choose... The value shown on the statement of profit or loss for gas at 30 June X2 is: Choose... Select your answer in each dropdown menu)