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Question - On October 1, 2019, a landlord signed a lease and allowed its tenants to pay rent at the endstst of every three months instead of at the beginning. The rent is $2,000/month. If the next rent payment is due on January 1, what would be the accrual that would be made on December 31 at the close of three months. What would be the entry made on January 1, 2020. Think of this problem from the point of view of the landlord.
12/31/19 Rent Receivable 6,000
Rent Revenue 6,000
1/1/20 Cash 6,000
Rent Receivable 6,000
How would this be different under the cash basis?
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received
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The adjusting entry for accrued fees was omitted at October 31, the end of the current year.
The Board of Directors of X Ltd., whose 20% of subscribed capital is held by A.P. Government, proposes to appoint Mr.Hari, a C.A., as its statutory auditor.
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