1. On 005.20X1 the company leased the third property and received a total rent of 12 months amounting to 2400 euros. Upon payment, the amount was recognized in its entirety as revenue.
2. On 01.08.20X1 the company bought goods with a purchase value of 12,000, for which it had given a deposit of 2,000. With the purchase, he paid 6,000 and the rest he owes.
3. On 01.09.20X1 the company received an interest-bearing loan of 12000 euros with a duration of 8 months. The interest rate was agreed at 8% per annum and all interest will be paid at the end of the loan, together with the capital.
4. On 01.12.20X1 the company agreed with a customer to refund the amount of 10,000 euros for cancellation of the sale, due to the fact that the sold was of inferior quality. The amount will be paid on 31.05.20X2.
5. On 112.20X1, the company signed an irrevocable (cannot be canceled) contract for the purchase of raw materials, the receipt of which will take place in February 20X2.
6. On 31.12.20X1 the supplier's workshop completed the maintenance of an engine room with a total cost of 1600 euros. The maintainer had been given an advance payment of 700 euros. Payment to the supplier will be made in the next financial year.

Based on the above information only, specify in detail one of the effects (+/- and amount) on each item of the financial statements presented in the tables below, from the initial entries on the date of each transaction, as well as the relevant adjustment entries on 31.12.20X1

Answer rating: 100% (QA)

Journal entries Date Account titles and explanation Debit Credit 0520x1 Cash 2400 Rent revenue 2400 ... View the full answer