The gas account for the year ended 30 June X2 is as follows: £ Opening balance for gas accrued at 31st July X1 Payments made during the year: 10 August X1 for the three months to 31 July X1 12 November X1 for the three months to 31 October X1 3 February X2 for the three months to 31 January X2 18 May X2 for the three months to 30 April X2 It is anticipated that the next quarter's payment will be the similar to the last quarter. The opening balance on the gas expense account at 1 July X1 is £500 The journal to post the required gas expense accrual at 30 June X2 is: Choose... Gas Choose... 500 Choose... ♦ Accruals Choose... 760 800 1,000 910 Choose... The value shown on the statement of profit or loss for gas at 30 June X2 is: Choose...

The gas account for the year ended 30 June X2 is as follows: £ Opening balance for gas accrued at 31st July X1 Payments made during the year: 10 August X1 for the three months to 31 July X1 12 November X1 for the three months to 31 October X1 3 February X2 for the three months to 31 January X2 18 May X2 for the three months to 30 April X2 It is anticipated that the next quarter's payment will be the similar to the last quarter. The opening balance on the gas expense account at 1 July X1 is £500 The journal to post the required gas expense accrual at 30 June X2 is: Choose... Gas Choose... 500 Choose... ♦ Accruals Choose... 760 800 1,000 910 Choose... The value shown on the statement of profit or loss for gas at 30 June X2 is: Choose...

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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