33. As of Dec. 31, 2020, UnadjustedInterest Income account of Entity Awas P5,000. It was learned thatP3,000 was unearned at the end ofthe period. The adjusting entry wouldbe *A. Debit: Interest Income, P3,000; Credit:Unearned Interest Income, P3,000B. Debit: Unearned Interest Income, P3,000Credit: Interest Income, P3,000C. Interest Income, P2,000 Credit: UnearnedInterest Income, P2,000D. Unearned Interest Income, P2,000 Credit:Interest Income, P2,000

Name: 33. As of Dec. 31, 2020, UnadjustedInterest Income account of Entity
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Description: 33. As of Dec. 31, 2020, UnadjustedInterest Income account of Entity Awas P5,000. It was learned thatP3,000 was unearned at the end ofthe period. The adjusting entry wouldbe *A. Debit: Interest Income, P3,000; Credit:Unearned Interest Income, P3,000

Income that is not earned should be transferred to the Unearned income account. 1. journal entry to…

Answered: 33. As of Dec. 31, 2020, Unadjusted…

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33. As of Dec. 31, 2020, Unadjusted Interest Income account of Entity A was P5,000. It was learned that P3,000 was unearned at the end of the period. The adjusting entry would be *

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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