Reference no: EM132515527
Question 1: In the 8th of August, 2017, Mason Ltd received creditor invoices worth $60,000 for the provision of administrative services up to 30th of June, 2017. In accordance with AASB 110 Events after the Reporting Date, the appropriate treatment regarding the invoices is:
Option 1: disclosure as a note to the financial statements, as it is a non-adjusting event;
Option 2: to adjust the financial statements. Specifically, DR Accounts Payable $60,000 CR Administrative Services Expense $60,000;
Option 3: disclosure as a note to the financial statements, as it is an adjusting event;
Option 4: to adjust the financial statements. Specifically, DR Administrative Services Expense $60,000, CR Accounts Payable $60,000.
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