At 1 October 20X5, the following balances were brought forward in the ledger accounts of XY:...
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At 1 October 20X5, the following balances were brought forward in the ledger accounts of XY: Debit $ 1,000 Rent payable account Electricity account Interest receivable account Allowance for receivables account 300 Credit $ 800 4,800 You are told the following. (a) Rent is payable quarterly in advance on the last day of November, February, May and August, at the rate of $6,000 per annum. (b) (c) Electricity is paid as follows. 5 November 20X5 10 February 20X6 8 May 20X6 7 August 20X6 $1,000 (for the period to 31 October 20X5) $1,300 (for the period to 31 January 20X6) $1,500 (for the period to 30 April 20X6) $1,100 (for the period to 31 July 20X6) At 30 September 20X6, the electricity meter shows that $900 has been consumed since the last bill was received. Interest was received during the year as follows. 2 October 20X5 $250 (for the six months to 30 September 20X5) $600 (for the six months to 31 March 20X6) 3 April 20X6 You estimate that interest of $300 is accrued at 30 September 20X6. (d) At 30 September 20X6, the balance of receivables amounts to $125,000. The allowance for receivables is to be amended to 5% of receivables. Required Write up the following ledger accounts. (a) Rent payable Electricity (b) (c) Interest receivable (d) Allowance for receivables and bring down the balances at 30 September 20X6. At 1 October 20X5, the following balances were brought forward in the ledger accounts of XY: Debit $ 1,000 Rent payable account Electricity account Interest receivable account Allowance for receivables account 300 Credit $ 800 4,800 You are told the following. (a) Rent is payable quarterly in advance on the last day of November, February, May and August, at the rate of $6,000 per annum. (b) (c) Electricity is paid as follows. 5 November 20X5 10 February 20X6 8 May 20X6 7 August 20X6 $1,000 (for the period to 31 October 20X5) $1,300 (for the period to 31 January 20X6) $1,500 (for the period to 30 April 20X6) $1,100 (for the period to 31 July 20X6) At 30 September 20X6, the electricity meter shows that $900 has been consumed since the last bill was received. Interest was received during the year as follows. 2 October 20X5 $250 (for the six months to 30 September 20X5) $600 (for the six months to 31 March 20X6) 3 April 20X6 You estimate that interest of $300 is accrued at 30 September 20X6. (d) At 30 September 20X6, the balance of receivables amounts to $125,000. The allowance for receivables is to be amended to 5% of receivables. Required Write up the following ledger accounts. (a) Rent payable Electricity (b) (c) Interest receivable (d) Allowance for receivables and bring down the balances at 30 September 20X6.
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Rent payable 1 October 20X5 1000 Rent for the period to 31 October 20X5 6000 Rent for the period to ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
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