O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2018 · Q91 Mark

Seema's financial year ends on 30 September. She rents premises at a monthly rent of $2000. During the year ended 30 September 2018 she paid $26000 rent. Which journal entry will Seema make on 30 September 2018 to transfer the rent to the income statement?

Adebit: income statement $24000, credit: rent $24 000

Bdebit: income statement $26000, credit: rent $26000

Cdebit: rent $24 000, credit: income statement $24 000

Ddebit: rent $26 000, credit: income statement $26000

✓ Correct answer

A: debit: income statement $24000, credit: rent $24 000

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting procedures and see which topics are most likely to come up next.

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2018 Paper 1 Variant 2, question 9.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content