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What are the adjusted entry to be passed on 30 september

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Reference no: EM132409117

Question

(1) In the financial statements, prepaid income should be classified as _______.

(2) The records of Champion Ltd. showed the utilities of $84,000 paid for 1 November 2017 to 31 August 2018:

DR Utilities $84,000

CR Cash $84,000

For the year ended 30 September 2018, utility bill for September 2018 has not been paid. Monthly utilities has remained constant throughout the year.

What are the adjusted entry to be passed on 30 September 2018?

Reference no: EM132409117

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