5. Question: Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts toCHOICES:P3,059,100P3,146,900P3,250,000P3,440,900 Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For theyear, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses.On December 31, 2020 and December 31, 2021, he had the following accounts with balances asfollows:Dec. 31, 2021Dec. 31, 2020P15,000Prepaid expensesAccrued expensesProfessional Fees receivableP16,10027,50038,00086,70033,400P185,00042,800Unearned professional feesUnder the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to

Accrual system of accounting means where the cash received or paid is not important but the income…

Answered: 5. Question: Under the accrual basis,…

5. Question: Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to CHOICES: P3,059,100 P3,146,900 P3,250,000 P3,440,900

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

5. Question: Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to

CHOICES:

P3,059,100

P3,146,900

P3,250,000

P3,440,900

Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the
year, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses.
On December 31, 2020 and December 31, 2021, he had the following accounts with balances as
follows:
Dec. 31, 2021
Dec. 31, 2020
P15,000
Prepaid expenses
Accrued expenses
Professional Fees receivable
P16,100
27,500
38,000
86,700
33,400
P185,000
42,800
Unearned professional fees
Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to

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