13 Yee's payments for the year ended 31 December 20-8 included the following: Wages 000 89 2400 Insurance (for 12 months to 30 June 20-9) At 1 January 20-8, wages due amounted to $1300 and insurance prepaid amounted to $1140. At 31 December 20-8, wages due amounted to $1550. Write up the wages account and the insurance account as they would appear in Yee's ledger for the year ended 31 December 20-8. Balance the accounts and show the amounts transferred to the income statement.

13 Yee's payments for the year ended 31 December 20-8 included the following: Wages 000 89 2400 Insurance (for 12 months to 30 June 20-9) At 1 January 20-8, wages due amounted to $1300 and insurance prepaid amounted to $1140. At 31 December 20-8, wages due amounted to $1550. Write up the wages account and the insurance account as they would appear in Yee's ledger for the year ended 31 December 20-8. Balance the accounts and show the amounts transferred to the income statement.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter9: Operating Activities

Section: Chapter Questions

Problem 7QE

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