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In the process of completing the month end accounting process, you are reviewing the lease payments for the office building. It was detected that for
In the process of completing the month end accounting process, you are reviewing the lease payments for the office building. It was detected that for this month, there was a substantial increase in lease payments and considerable office fit out charges. You also find out that the Marketing department is moving from their current seating to a new additional floor in the building next month.
Unfortunately, you are unable to locate the new lease amendments / modified contract and unable to obtain more relevant info about this before month end close.
What journal entries for lease accounting do you post for this month?
Please refer to accounting standards (eg IFRS, AASB, US GAAP, etc.).
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