her building. This represents rental which cover from the period August 1, 20A to Augn 2. How much is the unearned portion of the rental collected in advance as of Aug 1. How much is the earned portion of the rental collected in advance for the yew On July 15, 20A, Hilnora Gregorio colected in advance cash of P48,000 from a tenat 1, 20C (two year contract) ended, Dec. 31, 20A. pre 3. Assuming that "Income Method" or Rent Income was used in recording the collection, what would be the necessary adjusting entry on Dec. 31, 20A? 20C.
her building. This represents rental which cover from the period August 1, 20A to Augn 2. How much is the unearned portion of the rental collected in advance as of Aug 1. How much is the earned portion of the rental collected in advance for the yew On July 15, 20A, Hilnora Gregorio colected in advance cash of P48,000 from a tenat 1, 20C (two year contract) ended, Dec. 31, 20A. pre 3. Assuming that "Income Method" or Rent Income was used in recording the collection, what would be the necessary adjusting entry on Dec. 31, 20A? 20C.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:2. How much is the unearned portion of the rental collected in advance as of Aug 1
I. How much is the earned portion of the rental collected in advance for the ye
her building. This represents rental which cover from the period August 1, 20A to Augn
3. Assuming that "Income Method" or Rent Income was used in recording the pre
On July 15, 20A, Hilnora Gregorio collected in advance cash of P48,000 from a tenat
7-8
1, 20C (two year contract)
ended, Dec. 31, 20A.
200.
collection, what would be the necessary adjusting entry on Dec. 31, 20A?
4. Assuming the "Liability Method" or Unearned Rent Income was credited
receipt of cash, what is the adjusting entry needed on December 31, 20A?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education