20. At 1 July 2020, a company had prepaid insurance ofRM8.200. On 1 January 2021, the company paid RM38,000for insurance for the year to 30 September 2021. What figuresshould appear for insurance in the company's financialstatements for the year ended 30 June 2021?a) Insurance expense RM27,200 : Prepayment RM19,000b) Insurance expense RM39,300 : Prepayment RM9,500c) Insurance expense RM36,700 : Prepayment RM9,500d) Insurance expense RMS5,700 ; Prepayment RM9,50021. A company has sublet part of its offices and in the yearended 30 November 2020 the rent receivable was RMR,400per year until 30 June 2020 and RM12.000 per year from IJuly 2020. Rent was paid quarterly in addvance on I January,April, July and October each year. What amounts shouldappear on the company's financial statements for the yearended 30 November 2020?a) Rent income RM9,900 ; RM2,000 in sundry payablesb) Rent income RM9,900 : RMI,000 in sundry payablesc) Rent income RMI0,200 ; RMI,000 in sundry payablesd) Rent income RM9,900 ; RM2,000 in sundry receivables

20. At 1 July 2020, a company had peepaid insurance of RMK200. On I January 2021, the company paid RM38,000 for insurance for the year to 30 September 2021. What figures should appear for insurance in the company's financial statements for the year ended 30 June 2021? a) Insurance expense RM27,200 : Prepayment RM19,000 b) Insurance expense RM39,300 : Prepayment RM9,500 ) Insurance expense RM36,700: Prepayment RM9,500 d) Insurance expense RMS5,700; Prepayment RM9,500

20. At 1 July 2020, a company had peepaid insurance of RMK200. On I January 2021, the company paid RM38,000 for insurance for the year to 30 September 2021. What figures should appear for insurance in the company's financial statements for the year ended 30 June 2021? a) Insurance expense RM27,200 : Prepayment RM19,000 b) Insurance expense RM39,300 : Prepayment RM9,500 ) Insurance expense RM36,700: Prepayment RM9,500 d) Insurance expense RMS5,700; Prepayment RM9,500

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 2MCQ: In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...

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