A company pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1...

  

Transcribed Image Text:

A company pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1 October each year. The rent was increased from $90,000 per year to $120,000 per year as from 1 October 20X2. What rent expense and accrual should be included in the company's financial statements for the year ended 31 January 20X3? Rent expense $ 100,000 100,000 97,500 97,500 Accrual $ 20,000 10,000 10,000 20,000 A company pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1 October each year. The rent was increased from $90,000 per year to $120,000 per year as from 1 October 20X2. What rent expense and accrual should be included in the company's financial statements for the year ended 31 January 20X3? Rent expense $ 100,000 100,000 97,500 97,500 Accrual $ 20,000 10,000 10,000 20,000

Answer rating: 100% (QA)

ANS WER R ent expense Acc ru al 120 000 30 ... View the full answer