Neco Model Questions Vol1 2025 Financial Accounting Question 17
Practice objective / multiple choice question 17 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd shows a Rent Expense debit balance of \(\,\text{₦}120,000\) and a Prepaid Rent debit balance of \(\,\text{₦}30,000\) at the beginning of the year. The prepaid amount covers six months of rent. By the end of the year, three months of the prepaid rent have been used. After making the necessary adjusting entry, what is the closing balance of the Rent Expense account?
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About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 17. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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