Rent and expenses

timer Asked: Jan 25th, 2021

Question Description

I'm working on a accounting practice test / quiz and need an explanation to help me learn.

Prepare Rent expense Account & Rent Received (income)and find out figure transfer to

2017 profit and Loss Account

2016 Rent received prepaid 800

2016 Rent expenses Prepaid 500

2017 Rent paid cash 3000

2017 Rent received cash 4000

2016 Rent expenses Owing 100

2016 Rent Income Owing 600

2017Rent expenses prepaid 250

2017 Rent income prepaid 250

2017 Rent income owing 130

2017Rent expenses owing 400

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