Reference no: EM133002628
Question - On 1 March 2021, ABC Ltd paid $12,000 for a 12-month magazine subscription fee. Under the accrual system of accounting, how much of the subscription should be recognised as an expense for the financial year ended 30 June 2021 and how much should be treated as an asset (prepaid subscription)?
A. $3,000 expense and $9,000 prepaid subscription
B. $8,000 expense and $4,000 prepaid subscription
C. $0 expense and $12,000 prepaid subscription
D. $9,000 expense and $3,000 prepaid subscription
E. $4,000 expense and $8,000 prepaid subscription
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: On 1 March 2021, ABC Ltd paid $12,000 for a 12-month magazine subscription fee. How much should be treated as an asset (prepaid subscription)
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