How would the figures in Table 9 5 change if the company had paid 1,200 on 1 September rather than 1 October Table 9 5 Spreadsheet recording prepayment of insurance at the financial year end date Transaction or event Assets Date Year 2 Oct 1 Dec 31 Payment of premium Identification of asset remaini...

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How would the figures in Table 9.5 change if the company had paid 1,200 on 1 September

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How would the figures in Table 9.5 change if the company had paid £1,200 on 1 September rather than 1 October?

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Financial Accounting

ISBN: 9781292244471

8th Edition

Authors: Pauline Weetman

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Question Posted: Mar 06, 2024 07:01 AM

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How would the figures in Table 9.5 change if the company had paid 1,200 on 1 September

Question:

Table 9.5 Spreadsheet recording prepayment of insurance at the financial year-end date Transaction or event Assets Date Year 2 Oct. 1 Dec. 31 Payment of premium Identification of asset remaining as prepayment Total Cash (1,200) (1,200) Prepayment 900 900 Ownership interest Expense (1,200) 900 (300)

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Financial Accounting

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