Question $3$

$($Marks:$10)$

In carrying out year$-$end procedures, four new accrual accounts are created. For each of the transactions below, name which accrual account will be affected and whether that accrual account will be debited or credited. Assume the current financial year end is $30$ September $2024$ for all transactions.

Note: In your answer, recreate the table below with columns for transaction number, Accrual account, Debit or credit. No amounts need to be given.

$\backslash$table$[[$No$,$Transaction,$\backslash$table$[[$Accrual$],[$account$]],$Debit or credit$],[1,\backslash$table$[[$A Fixed deposit for R$210000$ was taken out on $1$ July $2024.$ An$],[$annual interest rate of $8\%$ applies. Interest is not capitalised.$],[$The interest income general ledger account at$],[30$ September $2024$ reflected an amount of R$2800.]],,],[2,\backslash$table$[[$Insurance premiums are paid monthly. The monthly insurance$],[$of R$2500$ was increased to R$2750$ on $1$ July $2024.$ The trial$],[$balance at $30$ September reflected an amount of R$28000$ for$],[$insurance$.]],,],[3,\backslash$table$[[$A customer made a payment in September $2024$ for R$10000],[$relating to services to be undertaken by the business in$],[$October $2024.]],,],[4,\backslash$table$[[$The business paid the October $2024$ rental of R$5000$ on$],[28$ September $2024.]],,],[5,\backslash$table$[[$The electricity and water account of R$2400$ for September$],[2024$ has not been accounted for yet.$]],,]]$