quiz 1 Welcome to your OUT RENT Outstanding expenses are _____ in the current accounting period but are left unpaid. Incurred Received Retained None Outstanding expense are Asset Liability Loss None Rent prepaid as at the commencement of the year was Rs.8,000. Having agreed to pay rent at Rs. 4,000 per month, the business was able to pay during the year only Rs. 28,000. What is the position at the year-end? Rent pre-paid is Rs.12,000 Rent outstanding Rs 12000 Rent pre-paid is Rs.14,000 Rent outstanding Rs 20,000 None Staff salary remaining unpaid as at the year-end should be accounted for as Debit salary payable Credit salary A/c Debit salary A/c Credit Cash A/c Debit salary A/c Credit salary payable A/c None
