Tutorial Question X: The balances on Festus's insurance account as at 31" of March, 2012 were a prepayment of N2500 and an accrual of N1000. During the year ended 31st of March, 2013 the following insurance premiums were paid: Policy N Period covered A 4600 o lavast 2700 1st January, 2012 -1st December, 2012 1st April, 2012-31st March, 2013 1st June, 2012-31st May, 2013. 2400 2200 1500 1st October, 2012 - 30th September, 2013 1st December, 2012- 30th November, 2013 1st January, 2013 - 31st December, 2013 1st January, 2013 - 31st December, 2013. 5000 G 1800 You are required to: a. Write up Festus's insurance account for the year ended 31st of March, 201 assuming that there are no insurances unpaid as at the year-end; and Do a calculation to show the statement of comprehensive income charge make up. b. BCDEF

Tutorial Question X: The balances on Festus's insurance account as at 31" of March, 2012 were a prepayment of N2500 and an accrual of N1000. During the year ended 31st of March, 2013 the following insurance premiums were paid: Policy N Period covered A 4600 o lavast 2700 1st January, 2012 -1st December, 2012 1st April, 2012-31st March, 2013 1st June, 2012-31st May, 2013. 2400 2200 1500 1st October, 2012 - 30th September, 2013 1st December, 2012- 30th November, 2013 1st January, 2013 - 31st December, 2013 1st January, 2013 - 31st December, 2013. 5000 G 1800 You are required to: a. Write up Festus's insurance account for the year ended 31st of March, 201 assuming that there are no insurances unpaid as at the year-end; and Do a calculation to show the statement of comprehensive income charge make up. b. BCDEF

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSA

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Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
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