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Rick Rented an Office for the Business for £6,000 Per

Question 3

True/False

Rick rented an office for the business for £6,000 per annum from 1 January 2021 and pays the rental quarterly in arrears. One quarter's rent was owing at the year end.
The double entry for this should be
decrease liability a/c = DEBIT OFFICE RENTAL A/C £1,500
decrease expense a/c = CREDIT ACCRUALs A/C £1,500

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