July 1, 2018, Gee Company leased a delivery truck from Marr Compar 3-year operating lease. Total rent for the term of the lease will be P360,000 payable as follows: 12 months at P5,000= P60,000 12 months at P7,500= 90,000 12 months at P17,500= 210,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On July 1, 2018, Gee Company leased a delivery truck from Marr Company under a
3-year operating lease.
Total rent for the term of the lease will be P360,000 payable as follows:
12 months at P5,000= P60,000
12 months at P7,500= 90,000
12 months at P17,500= 210,000
All payments were made when due.
a. What is the rent revenue for the year ended June 30, 2019?
b. On June 30,2020, what amount should be reported as accrued rent receivable?
Transcribed Image Text:On July 1, 2018, Gee Company leased a delivery truck from Marr Company under a 3-year operating lease. Total rent for the term of the lease will be P360,000 payable as follows: 12 months at P5,000= P60,000 12 months at P7,500= 90,000 12 months at P17,500= 210,000 All payments were made when due. a. What is the rent revenue for the year ended June 30, 2019? b. On June 30,2020, what amount should be reported as accrued rent receivable?
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