Ledger Account balances (prior to any Balance Day Adjustments) as of 30 June 2018: Insurance $ Rent Interest Income Plant 2,400.00 $ 1,800.00 $ 1,400.00 $ 10,000.00 $ 6,000.00 $ 5,550.00 200.00 Accumulated Depreciation Accounts Receivable Allowance for Doubtful Debts $ Additional Information - On 1 December 2017 a one-year insurance premium was paid for $2,400 plus GST. Insurance cover starts on 1 December - Rent paid in advance $150 on 30 June 2018 - Interest earned but not received $350 on 30 June 2018 Depreciation to be provided $1,000 on 30 June 2018 - - Bad Debts to be written off $500 plus $50 GST on 30 June 2018 - Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable - Physical count on 30 June 2018 reveals inventory value of $68,000 and the perpetual records show inventory value $70,000. Milo Ltd uses a perpetual inventory system.
Ledger Account balances (prior to any Balance Day Adjustments) as of 30 June 2018: Insurance $ Rent Interest Income Plant 2,400.00 $ 1,800.00 $ 1,400.00 $ 10,000.00 $ 6,000.00 $ 5,550.00 200.00 Accumulated Depreciation Accounts Receivable Allowance for Doubtful Debts $ Additional Information - On 1 December 2017 a one-year insurance premium was paid for $2,400 plus GST. Insurance cover starts on 1 December - Rent paid in advance $150 on 30 June 2018 - Interest earned but not received $350 on 30 June 2018 Depreciation to be provided $1,000 on 30 June 2018 - - Bad Debts to be written off $500 plus $50 GST on 30 June 2018 - Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable - Physical count on 30 June 2018 reveals inventory value of $68,000 and the perpetual records show inventory value $70,000. Milo Ltd uses a perpetual inventory system.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 12MC: Which of the following principles matches expenses with associated revenues in the period in which...
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