OBTUSE DULL Co. is involved in a tax dispute. OBTUSE has wrongfully paid taxes and is claiming for refund of the taxes it has previously paid. As of December 31, 20x1, OBTUSE's legal counsel was very confident that OBTUSE will be able to recover the tax refund amounting to P40M in the coming year. The entry to recognize the probable receipt of the tax refund includes Select the correct response: a debit to receivable and a credit to gain a debit to receivable none of these a debit to prepaid asset a credit to gain

OBTUSE DULL Co. is involved in a tax dispute. OBTUSE has wrongfully paid taxes and is claiming for refund of the taxes it has previously paid. As of December 31, 20x1, OBTUSE's legal counsel was very confident that OBTUSE will be able to recover the tax refund amounting to P40M in the coming year. The entry to recognize the probable receipt of the tax refund includes Select the correct response: a debit to receivable and a credit to gain a debit to receivable none of these a debit to prepaid asset a credit to gain

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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