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    nprodon's Avatar
    nprodon Posts: 1, Reputation: 1
    New Member

    Oct 19, 2016, 06:14 PM
    Basic accounting problem
    An entity pays rent quarterly in arrears on Jan. 1, Apr 1, July 1 and Oct 1 each year. The ren was increased from 900,000 to 1,200,000 per year starting Oct 1 2014. What rent expense and rent payable amounts should be included in the entity's financial statements for the year ended Jan 31, 2015.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member

    Nov 18, 2016, 08:09 PM
    What do you think? If the quarterly payments have been made on time then what remains is the question of what it is outstanding

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