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Which journal entries should be provided at the june

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Reference no: EM132566324

The company has paid for insurance coverage for 1 year on 1st of January 2017. The price of the insurance is $24,000. The financial year end is 31 December 2017.

Question 1: Which of the following journal entries should be provided on 1st of January 2017.

Option A Dr Prepayment 24,000

Cr Cash 24,000

Option B Dr Cash 24,000

Cr Prepayment 24,000

Option C Dr Prepayment 24,000

Cr Receivable 24,000

Option D Dr Expense 24,000

Cr Prepayment 24,000

Question 2: Which of the following journal entries should be provided at the 1st of June 2017?

Option A Dr Prepayment 10,000

Cr Expense 10,000

Option B Dr Expense 10,000

Cr Prepayment 10,000

Option C Dr Expense 12,000

Cr Cash 12,000

Option D Dr Expense 12,000

Cr Accrual 12,000

Reference no: EM132566324

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