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What is the journal entry made on may

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Reference no: EM131572553

Question - On 1 May 2016, Raspberry Ltd pays $480 for a one-year fire insurance policy that expires on 30 April 2017

  • Raspberry Ltd uses accrual accounting and its financial year ends on 30 June
  • Amounts paid in advance are treated as assets

(a) What is the journal entry made on 1 May 2016?

(b) What is the journal entry made on 30 June 2016?

Reference no: EM131572553

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