O-LevelAccountingAccounting procedures7707/11 · Oct/Nov 2013 · Q121 Mark

Wayne rents premises. The monthly rent is $400. On 1 April 2012 Wayne had prepaid one month's rent. During the year ended 31 March 2013 he paid rent totalling $3200. Which entry would Wayne make at the end of his financial year on 31 March 2013?

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Adebit income statement $3200 credit rent account $3200

Bdebit income statement $3600 credit rent account $3600

Cdebit income statement $4400 credit rent account $4400

Ddebit income statement $4800 credit rent account $4800

✓ Correct answer

D: debit income statement $4800 credit rent account $4800

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2013 Paper 1 Variant 1, question 12.

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