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.

Answer rating: 100% (QA)

Rent payable 1 October 20X5 1000 Rent for the period to 31 October 20X5 6000 Rent for the period to ... View the full answer