Cambridge IGCSE Accounting practice

Paper 2 structured question: Other payables and other receivables

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Paper

Marks

Topic

Other payables and other receivables

Exam-style question

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Paper 2Structured Written Paper2 marks

A company has incurred expenses of $1,000 for services received but not yet paid.

Description

The company needs to record these expenses in its financial statements for the current period.

a
Calculate the journal entry required to record the accrued expenses.
Your answer
Aim for approximately 2 distinct marking points.
[2]

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Paper 2Structured Written Paper3 marks

Description

The business must record this transaction appropriately in its accounts.

a
Explain how this transaction affects the financial statements.
Your answer
Aim for approximately 3 distinct marking points.
[3]