Neco Model Questions Vol1 2021 Financial Accounting Question 9
Practice objective / multiple choice question 9 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
The Rent Expense ledger has an opening debit balance of ₦5,000. During January the following entries were posted: - 1 Jan: Paid cash rent for January ₦30,000. (Debit Rent Expense, Credit Cash) - 10 Jan: Paid cash rent for February and March in advance ₦60,000. (Debit Prepaid Rent, Credit Cash) - 31 Jan: Adjust prepaid rent to expense for one month (February rent) ₦30,000. (Debit Rent Expense, Credit Prepaid Rent) What is the balance of the Rent Expense account on 31 January?
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About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 9. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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