On June 30, 2020, Rentank received P750,000 advance payment from clients. The contract covers 3 yearsrent for the oil tanks.18. Prepare the initial entries to record the given loan.19. What are the accounts involved in the adjusting entries?20. Prepare the adjusting entries.

Unearned revenue: It is the amount received from a client for a service or product which is yet…

Answered: 18. Prepare the initial entries to…

18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the adjusting entries? 20. Prepare the adjusting entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On June 30, 2020, Rentank received P750,000 advance payment from clients. The contract covers 3 years
rent for the oil tanks.
18. Prepare the initial entries to record the given loan.
19. What are the accounts involved in the adjusting entries?
20. Prepare the adjusting entries.

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