Solved: On 1 may 2016 raspberry ltd pays 480 for a one-year fire, Accounting Basics

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On 1 may 2016 raspberry ltd pays 480 for a one-year fire

Question - On 1 May 2016, Raspberry Ltd pays $480 for a one-year fire insurance policy that expires on 30 April 2017

Raspberry Ltd uses accrual accounting and its financial year ends on 30 June
Amounts paid in advance are treated as assets

(a) What is the journal entry made on 1 May 2016?

(b) What is the journal entry made on 30 June 2016?

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Accounting Basics: On 1 may 2016 raspberry ltd pays 480 for a one-year fire

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Accounting Basics: On 1 may 2016 raspberry ltd pays 480 for a one-year fire

Reference No:- TGS02368097

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