1Z0-1005 Exam Dumps | You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have

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Oracle.1z0-1005.v2019-08-25.q37
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Question 25/37

You are using the Payable's Deferred Expense feature (also known as Multiperiod Accounting). You have
entered an invoice for a three-month lease that is entered on Jan 10 . The total expense is $12,000 and it
th
covers the rental period from Jan 1 to Mar 31 .
st st
Assuming that the rental expenses are split evenly per month and a monthly accounting calendar is used,
what would the accounting entry be?

A. On Mar 31st, Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
On Jan 10 , Debit Rental Expense for 12,000 and Credit Cash for 12,000
th

B. On Jan 31 , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
st
On Feb 28 , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
th

C. On Jan 10 , Debit Prepaid Expense 12,000 and Credit Liability for 12,000 and then
th
On Jan 31 , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
st
On Feb 28 , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
th
On Mar 31 , Debit Rental Expense for 4,000 and Credit Prepared Expense for 4,000
st

D. On Jan 10 , Debit Prepaid Expense for 12,000 and Credit Liability 12,000
th

Correct Answer: C

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