8. Using the following information and assuming all payments for rent are made in cash,...
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Accounting
8. Using the following information and assuming all payments for rent are made in cash, the total cash paid for rent during the year is: Rent expense for the year Prepaid rent: S4500 Beginning balance Ending balance 6500 3000 a. $1000 b. $1500 c. $2000 d. $4500 e. $8000 9. At the end of the financial year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is TRUE? a. Salary expense for the year was overstated. b. Net profit for the year was understated. c. Equity at the end of the year d. The total of liabilities at the end of the year was overstated. e. Equity at the end of the year was overstated. was not affected. 10. Which of the following entries is an example of asset consumption recognised over future time periods? a. Dr Rent expense b. Dr Supplies inventory c. Dr Prepaid insurance d. Dr Insurance expense e. Dr Rent expense Cr Prepaid rent Cr Supplies expense Cr Cash Cr Insurance payable Cr Cash
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