4 Tan and Tim runs a few convenience shops. The business pays rent by cheque. The rental paid for the financial year ended 30 September 20X6 was $25,000. On 30 September 20X6, the rental owing was $5,000. (a) State the journal entry needed to record the rental expense payable in Tan and Tim's books. A narration is not required. 8X05 (b) State the amount of rental expense that should be presented in the statement of financial performance for the year ended 30 September 20X6.

4 Tan and Tim runs a few convenience shops. The business pays rent by cheque. The rental paid for the financial year ended 30 September 20X6 was $25,000. On 30 September 20X6, the rental owing was $5,000. (a) State the journal entry needed to record the rental expense payable in Tan and Tim's books. A narration is not required. 8X05 (b) State the amount of rental expense that should be presented in the statement of financial performance for the year ended 30 September 20X6.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter6: Losses And Loss Limitations

Section: Chapter Questions

Problem 2CE

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