PART A Define the following terms: Accrued expenses The rental revenue for Takzim Enterprise is RM600 per month. On 31 January 2021, the business received rental revenue of RM8,400. Calculate the advanced rental revenue for Takzim Enterprise. ANSWER: AMOUNT STILL OWED OR ADVANCED CLASSIFICATION RM1,200 Current liability [12 marks] [2 marks] b. Prepaid expenses [2 marks] c. Accrued revenue [2 marks] d. Prepaid revenue [2 marks] PART B Calculate the amount still OWED or ADVANCED for the following cases AND classified accordingly under CURRENT ASSET or CURRENT LIABILITY. 1. The salary that must be paid for the year 2020 is RM3,600. At the end of the year 2020, salary that has been paid to employees is RM3,000. 2. The accounting period for Amman Company is from 1 July 2020 to 30 June 2021. The payment for insurance premium is RM350 per month. The company paid RM1,800 on 31 July 2020 and RM3,000 on 31 December 2020. 3. The rental revenue for Makmur Company is RM500 per month. On 31 December 2020, Makmur Company received rental revenue of RM7,200. 4. Commission that should be received by Amelin Berhad at the end of every month is RM3,000. On 31 December 2020, Amelin Berhad just received commission of RM2,500. 5. Amira buy a new Honda with monthly payment at RM1,000. Amira plan to pay for whole year total RM13,000