Brown Corporation owns an office building and leases the offices under a one-year rental agreement. Not all tenants make timely payments of their rent. The following information were from the company’s records. 2020: Rental receivable - P96,000 2021: Rental receivable - P124,000 2020: Unearned rentals - P320,000 2021: Unearned rentals - P240,000 During the year 2021, Brown received rental payments of P800,000 from its tenants. Under the accrual basis, how much is the rental revenue of Brown Corporation for the year 2021?
Brown Corporation owns an office building and leases the offices under a one-year rental agreement. Not all tenants make timely payments of their rent. The following information were from the company’s records. 2020: Rental receivable - P96,000 2021: Rental receivable - P124,000 2020: Unearned rentals - P320,000 2021: Unearned rentals - P240,000 During the year 2021, Brown received rental payments of P800,000 from its tenants. Under the accrual basis, how much is the rental revenue of Brown Corporation for the year 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Brown Corporation owns an office building and leases the offices under a one-year rental agreement. Not all tenants make timely payments of their rent. The following information were from the company’s records.
2020: Rental receivable - P96,000
2021: Rental receivable - P124,000
2020: Unearned rentals - P320,000
2021: Unearned rentals - P240,000
During the year 2021, Brown received rental payments of P800,000 from its tenants. Under the accrual basis, how much is the rental revenue of Brown Corporation for the year 2021?
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