Question

Journalise the following transactions: (i) Out of the rent paid the year, 1,500 relates to the next year.

(ii) Salaries due to staff 6,000.

(ii) Interest due but not received 4,500.

(iv) Commission not due but received 3,000.

(v) Rent outstanding 2,000.

(vi) Prepaid insurance 4,000.​

Answer 1

i. Prepaid rent a/c dr. 1,500

To rent a/c 1,500

ii. Salaries a/c dr. 6,000

To salaries outstanding a/c 6,000

iii.Interest accrued a/c dr. 4,500

To interest a/c 4,500

iv. Commission accrued a/c dr. 3,000

To Commission a/c 3,000

v. Rent a/c dr. 2,000

To rent outstanding a/c 2,000

vi. Prepaid insurance a/c dr. 4,000

To insurance a/c 4,000