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XYZ Society was established on 1 January 2014. During the accounting period of 2017, the following information was received:
Total fees received from members for the year ended 2017 was $14,550.
Date Accrued fees ($) Prepaid fees ($)
2017 Jan 1 1,450 1,250
Dec 31 1,550 1,300
Required:
Question a) Record Subscriptions Account.
Question b) Record the Statement of Financial Position as at 31 December 2017 (extract).
Financial Statement Analysis and Preparation
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