1. The electricity account for the year ended 30 June 20X3 was as follows:Opening balance for electricity accrued at 1 July 20X2 300$Payments made during the year:1 August 20X2 for three months to 31 July 20X2 600$1 November 20X2 for three months to 31 October 20X2 720$1 February 20X3 for three months to 31 January 20X3 900$30 June 20X3 for three months to 30 April 20X3 840$Which of the following is the appropriate entry for electricity?Accrued at June 20X3 Charged to income statement,year ended 30 June 20X3A $Nil $3,060B $460 $3,320C $560 $3,320D $560 $3,420
1. The electricity account for the year ended 30 June 20X3 was as follows:Opening balance for electricity accrued at 1 July 20X2 300$Payments made during the year:1 August 20X2 for three months to 31 July 20X2 600$1 November 20X2 for three months to 31 October 20X2 720$1 February 20X3 for three months to 31 January 20X3 900$30 June 20X3 for three months to 30 April 20X3 840$Which of the following is the appropriate entry for electricity?Accrued at June 20X3 Charged to income statement,year ended 30 June 20X3A $Nil $3,060B $460 $3,320C $560 $3,320D $560 $3,420
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. The electricity account for the year ended 30 June 20X3 was as follows:Opening balance for electricity accrued at 1 July 20X2 300$Payments made during the year:1 August 20X2 for three months to 31 July 20X2 600$1 November 20X2 for three months to 31 October 20X2 720$1 February 20X3 for three months to 31 January 20X3 900$30 June 20X3 for three months to 30 April 20X3 840$Which of the following is the appropriate entry for electricity?Accrued at June 20X3 Charged to income statement,year ended 30 June 20X3A $Nil $3,060B $460 $3,320C $560 $3,320D $560 $3,420
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