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Cost of sales and other revenues
Cost of sales and other revenues
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1/15

On 1 January 2022, a $14,000 cheque was paid for rental expenses of 14 months. The amount was recorded in the rental expense account. How much is the rental expense incurred for the year ended 31 December 2022?

  $1,000           

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 $2,000   

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$12,000

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$14,000

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2/15

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?

 $2,500          

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$5,000                 

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 $7,500

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 $12,500

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3/15

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.

$750 prepaid repair expenses     

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$750 repair expenses payable   

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$6,000 prepaid repair expenses 


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 $6,000 repair expenses payable

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4/15

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?

 $3,000 prepaid rental expense 

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 $3,000 rental expense payable 

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 $6,000 prepaid rental expense

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$6,000 rental expense payable

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5/15

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 

$525 debit

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$975 debit

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$525 credit.

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 $975 credit.

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6/15

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

a debit to Service Revenue of $1,700. 

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a credit to Trade Receivable of $1,700

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a debit to Cash in hand of $1,700. 

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a credit to Trade Payable of $1,700.

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7/15

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?

$730 

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$580 

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$630 

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$530
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8/15

The information below relates to insurance expense:


Statement of Financial Position as at 30 June 2022 

Current liability $500


Income Summary for year ended 30 June 2022 

$4,000


The insurance paid of this year is...


$500

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$3,500

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 $4,000 

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$4,500

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9/15

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

 liability will be overstated 

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asset will be understated 

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profit will be overstated 

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profit will be understated

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10/15

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

Trial balance 

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Adjusted trial balance 

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Statement of Financial Position 

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All of the above

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11/15

Closing expense accounts to the Income Summary account is an optional bookkeeping procedure.
True 
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False
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12/15

Expenses payable on 31 December 2021 must be reversed on 1 January 2022.
True
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False
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13/15

According to the accrual basis of accounting, expenses that have been paid must be recorded as expenses incurred even though the benefits related to the expense have not been consumed.
True
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False
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14/15

Lamb Pte Ltd paid rent by cheque for $13,000, $1,000 of which is for the next accounting period. This $1,000 is recognised as a prepaid rent expense.
True
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False
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15/15

If prepaid expenses are not adjusted at the end of the financial year, profit will be understated.
True
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False
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