221k views
2 votes
Write the double entry for the following:

(a) Electricity paid £500
(b) Electricity unpaid on 31 March 2020 £100
(c) Electricity prepaid on 31 March 2020 £50
(d) Rent unpaid on 31 March 2020 £200
(e) Rent paid £600
(f) Insurance paid £400
(g) Insurance prepaid on 31 March 2020 £100

User Dragana
by
8.1k points

1 Answer

5 votes

Final answer:

The double entries for the given transactions are provided. The expenses are debited and the corresponding accounts are credited.

Step-by-step explanation:

(a) Electricity paid £500
Debit: Electricity Expense £500
Credit: Bank £500

(b) Electricity unpaid on 31 March 2020 £100
Debit: Accounts Payable £100
Credit: Electricity Expense £100

(c) Electricity prepaid on 31 March 2020 £50
Debit: Prepaid Electricity £50
Credit: Bank £50

(d) Rent unpaid on 31 March 2020 £200
Debit: Accounts Payable £200
Credit: Rent Expense £200

(e) Rent paid £600
Debit: Rent Expense £600
Credit: Bank £600

(f) Insurance paid £400
Debit: Insurance Expense £400
Credit: Bank £400

(g) Insurance prepaid on 31 March 2020 £100
Debit: Prepaid Insurance £100
Credit: Bank £100

User Jimstandard
by
6.9k points