A-LevelAccountingPreparation of financial statements9706/12 · May/June 2011 · Q61 Mark
A club charges each of its 100 members an annual subscription of $12. At the end of a year four members had not paid their annual subscription. What will be the entries in the financial statements for subscriptions?
A1152 current asset $48
B1152 current liability $48
C1200 current asset $48
D1200 current liability $48
✓ Correct answer
C: 1200 current asset $48
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