A firm records all transactions relating to the expense for both rent and rates in a single ledger account. At the start of the year there was an accrual in respect of rent R2 500 and a prepayment in respect of rates of R3 000. At the end of the year, there was rent due to R4 500 and rates prepaid of R3 500. The total expense for both rent and rates for the year was R36 000. Both the total amount paid during the year, in respect of both rent and rates, was:
A firm records all transactions relating to the expense for both rent and rates in a single ledger account. At the start of the year there was an accrual in respect of rent R2 500 and a prepayment in respect of rates of R3 000. At the end of the year, there was rent due to R4 500 and rates prepaid of R3 500. The total expense for both rent and rates for the year was R36 000. Both the total amount paid during the year, in respect of both rent and rates, was:
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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A firm records all transactions relating to the expense for both rent and rates in a single ledger account. At the start of the year there was an accrual in respect of rent R2 500 and a prepayment in respect of rates of R3 000. At the end of the year, there was rent due to R4 500 and rates prepaid of R3 500. The total expense for both rent and rates for the year was R36 000. Both the total amount paid during the year, in respect of both rent and rates, was:
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