question 1 MANCOSA: BCOM (SUPPLY CHAIN MANAGEMENT) YEAR 1 67 ASSIGNMENT 7: FINAN

Question

question 1

MANCOSA: BCOM (SUPPLY CHAIN MANAGEMENT) YEAR 1 67 ASSIGNMENT 7: FINANCIAL ACCOUNTING 1. 2. Note: Value Added Tax (VAT) must be ignored Use the formats contained in your study guide to answer questions 2 to 5. MULTIPLE CHOICE QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the c any calculations. (20) orrect answer e.g. 1.6 C. Do not show The accounting period of February 2017, the total of the Rent expense 2017. Note: Rent expense increased by 10% with effect from 01 September 2016. correct journal entry to adjust the Rent expense account on 28 February 2017? Meander Enterprises ends on the last day of February each year. On 28 account was R41 100. Rent was paid up to 31 March which will be the 1.1 Account credit Rent expense Rent expense Rent expense Amount R3 161.54 R3 300 R40 800 Account debit a) Prepaid expenses b) Prepaid expenses c) Profit and loss d) None of the above 1.2 The following information was extracted from the records of NWJ Traders for May 2017: 2017 May 01 Inventory on hand Units of inventory 18 000 Cost price per unit R10

Explanation / Answer

1.1.D. None of the above.

In the given scenario, the prepaid expenses account has to be credited since it is an expense account and in order to recognize the increase in rent expense, the rent expenses account has to be debited which is an expense account. However, none of the options are debiting rent expenses account and therefore the last option is correct.

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