O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2012 · Q111 Mark
Alice sublets part of her premises to Mandy. At the end of the financial year Mandy owed $100 rent to Alice. How would this appear in Alice's ledger and balance sheet? rent received account in the ledger balance sheet A credit balance brought down current asset B credit balance brought down current liability C debit balance brought down current asset D debit balance brought down current liability
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Acredit balance brought down current asset
Bcredit balance brought down current liability
Cdebit balance brought down current asset
Ddebit balance brought down current liability
✓ Correct answer
C: debit balance brought down current asset
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