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 Prepaid expenses Accrued expenses Professional Fees receivable P16,100 27,500 P15,000 33,400 P185,000 38,000 Unearned professional fees Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to 86,700 42,800

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 Prepaid expenses Accrued expenses Professional Fees receivable P16,100 27,500 P15,000 33,400 P185,000 38,000 Unearned professional fees Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to 86,700 42,800

Name: a. P3,440,900b. P3,250,000C. P3,146,900D. P3,059,100 Atty. Bruno Madri
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Description: a. P3,440,900b. P3,250,000C. P3,146,900D. P3,059,100 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 Decem

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

a. P3,440,900

b. P3,250,000

C. P3,146,900

D. P3,059,100

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
Prepaid expenses
Accrued expenses
Professional Fees receivable
P16,100
27,500
P15,000
33,400
38,000
P185,000
Unearned professional fees
86,700
42,800
Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to

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