O-LevelAccountingAccounting procedures7707/11 · May/June 2020 · Q161 Mark

A company's financial year ended on 31 December 2019. On 1 December 2019 it paid rent, $8000, for the four months ending 31 March 2020. What was the opening balance on the rent account on 1 January 2020?

A$2000 credit

B$2000 debit

C$6000 credit

D$6000 debit

✓ Correct answer

D: $6000 debit

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2020 Paper 1 Variant 1, question 16.

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