On 1 November 2021, five months of insurance amounting to $12,500 were paid for the period from 1 November 2021 to 31 March 2022.The amount was debited to the insurance expense account. How much was the insurance expense incurred for the year ended 31 December 2021 if there was no balance in the insurance expense account?

On 30 November, Cheetah Transport Limited repaired 8 buses at a repair cost of $750 per bus. A cheque of $5,250 was issued to the workshop on 31 December, its financial year end. State whether the repair expense is a prepayment or payable and the amount to be recorded in the Balance Sheet.

The financial year of Sunset Paradise is from 1 April to 31 March. On 1 June 2021, a cheque of $33,000 was issued to the landlord for 11 months' rent from 1 June 2021 to 30 April 2022. What is the amount of prepaid or payable rental expense as at 31 March 2022?

On January 31, 2021, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be 

On July 7, 2021, Hidden Comera Enterprises performed cash services of $1,700. The entry to record this transaction would include 

The following information relates to the Electricity Account.

                      1 Jan 2021        31 Dec 2021

Electricity

Expense               $100                  $50

Payable

During the year ended 31 December 2021, electricity paid by cheque was $580. What amount would be transferred to Income Summary for the year ended 31 December 2021?

The information below relates to insurance expense:

lf  expense payable is not taken into account at the end of the accounting period, 

The account, rental expense payable, will appear in the following debit columns of the: