Prepare the rent account to show

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Reference no: EM132831614

Question - A company pays rent for its different business sites. The total paid in the year ended 30 April 2018 was $481,200. The following were the amounts of rent paid in advance and in arrears at 30 April 2018 and 2019:

30 April 2018 30 April 2019

Rent paid in advance 28,700 31,200

Rent not yet paid (all subsequently paid) 21,200 18,400

Required -

a) Prepare the rent account to show, amount of rent expense that should appear in the company's income statement for the year ended 30 April 2019?

b) Explain how the closing balances are treated in the statement of financial position.

c) Which accounting concept has been applied in preparing the above account.

Reference no: EM132831614

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