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62. Historys Greatest Disciple - Kenichi Co. received P60,000 advance payment of his fee in January. In February, % of the amount is already earned, and is still to be earned in March and % is to be returned to the customer because it could no longer be earned. How much is the correct revenue? a. P60,000 in January under accrual basis b. P45,000 in February under accrual basis c. P15,000 in March under accrual, when % is actually earned d. P60,000 total earnings January to March under accrual basis

62. Historys Greatest Disciple - Kenichi Co. received P60,000 advance payment of his fee in January. In February, % of the amount is already earned, and is still to be earned in March and % is to be returned to the customer because it could no longer be earned. How much is the correct revenue? a. P60,000 in January under accrual basis b. P45,000 in February under accrual basis c. P15,000 in March under accrual, when % is actually earned d. P60,000 total earnings January to March under accrual basis

FINANCIAL ACCOUNTING
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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62. Historys Greatest Disciple - Kenichi Co, received P60,000 advance payment of his fee in January. In February, ½ of the amount is already earned, and 4 is still to be earned in March and 4 is to be returned to the customer because it could no longer be earned. How much is the correct revenue? a. P60,000 in January under accrual basis b. P45,000 in February under acerual basis c. P15,000 in March under accrual, when 4 is actually earned d. P60,000 total earnings January to March under accrual basis
Transcribed Image Text:62. Historys Greatest Disciple - Kenichi Co, received P60,000 advance payment of his fee in January. In February, ½ of the amount is already earned, and 4 is still to be earned in March and 4 is to be returned to the customer because it could no longer be earned. How much is the correct revenue? a. P60,000 in January under accrual basis b. P45,000 in February under acerual basis c. P15,000 in March under accrual, when 4 is actually earned d. P60,000 total earnings January to March under accrual basis
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