ATAR Notes: Forum
Archived Discussion => 2009 => Mid-year exams => Exam Discussion => Victoria => Accounting => Topic started by: taylor tay bags on June 09, 2009, 06:52:25 pm
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I thought the rent expense would be 12,000 because it said rent was paid 4000 on Jan march and June.. reporting period was Jan-June 31 therefore Debit: Rent expense 12,000 and Credit: Prepaid Rent 12,000 which was the remaining of the prepaid asset..
Also the question about drawings and stock was entity yer?
Thanks
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I'm pretty sure it was $8000, because in January he paid rent for three months advance (for $4000) so he had rent from January,Feb and March, then in March he paid for April, May and June (for $4000) then in June he paid for the next three months starting from the 1 July
Therefore he has used up $8000 of prepaid rent , so you debit rent expense $8000 and credit Prepaid rent $8000
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yeh thats what i had as well^^^
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12000/9=1333.3 X 6 = $8000
thats how i worked it out for the rent one
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I had $8,000 + 4000/3 which equals whatever.....Pretty sure thats wrong now though.
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i also got $8000
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yeah 8000
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@Taylor Tay Bags, stress less man. Don't take it too deeply. Whats done cannot be undone ;)
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what do you think is easier accounting 3 & 4 or physics 3 & 4, im not sure which one to pick
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what do you think is easier accounting 3 & 4 or physics 3 & 4, im not sure which one to pick
imo, Accounting definitely
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what do you think is easier accounting 3 & 4 or physics 3 & 4, im not sure which one to pick
imo, Accounting definitely
Agreed.
I rarely did accounting work in accounting... I usually did the physics or specialists I had due later that day. :-X
In short... I did at least twice the work for physics that I did for accounting.
SS Results: Accounting > Physics
(even when scaled)