On 1st October, 2021 an entity N made payment in amount of 1,800 euro for an...
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On 1st October, 2021 an entity N made payment in amount of 1,800 euro for an insurance policy covering one year, which takes effect on 1st October till 30 September, 2022. You are required to show: ✓ To record the transaction on the 1st October, 2021; ✓ Insurance expenses in the Income statement for the year ended 31 December 2021; ✓ How this transaction will be recorded in the balance sheet at the 31 December 2021. On 1st October, 2021 an entity N made payment in amount of 1,800 euro for an insurance policy covering one year, which takes effect on 1st October till 30 September, 2022. You are required to show: ✓ To record the transaction on the 1st October, 2021; ✓ Insurance expenses in the Income statement for the year ended 31 December 2021; ✓ How this transaction will be recorded in the balance sheet at the 31 December 2021.
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Answer rating: 100% (QA)
1 Recording the transaction on 1st October 2021 Dr Insurance expense 1800 Cr ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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