Master Architect designs houses for various clients. Its unadjusted trial balance as of December31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing twoaccounts collected in advance: November 10 Monson account, P200,000 and December 15Samson account, P150,000. It takes 50 days for a design to be finished and delivered.Required:a. Prepare the entry to adjust the unearned revenue and recognize Professional Fees.b. Make postings to the general ledger accounts appearing below.Unearned Professional FeesDebit404Date2018ExplanationRefCreditBalanceCollection from MonsonCollection from SamsonNov. 10GJ 11P200,000P200,000Dec. 15GJ 12150,000350,000Dec. 31AEProfessional Fees702DateExplanationRefDebitCreditBalance2018Total services rendered.GJ 12P1,000,000P1,000,000Dec. 31AE 2

The revenue and expenses are recognised and recorded in the period they are incurred.

Answered: Master Architect designs houses for…

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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