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Prepare the three ledger accounts for arthur magee

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Reference no: EM132464766

Problem 1: Arthur Magee is preparing his financial statements for the year ended 31 December 2014 and approaches you for help in respect of three ledger accounts. He provides you with the following information about the ledger accounts.

Balances at 1 January 2014

Insurance paid in advance                                    £562

Wages outstanding                                             £306

Rent received in advance                                    £36
Transactions during the year
Paid for insurance                                           £1,019

by bank standing order. Paid wages in cash       £15,000
Received                                                       £2,600
rent by cheque Balances at 31 December 2014

Insurance prepaid                                            £345
Rent receivable in arrears                                £105
Wages accrued                                                £419

Question 1: Prepare the three ledger accounts for Arthur Magee indicating the correct yearly charge to be included in the income statement.

Reference no: EM132464766

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