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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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