On December 31, Nam Do San Property management made an adjusting entry to record P30,000 management fees earned but not yet billed to a client. This entry was reversed on January 1. On January 15, the client paid P120,000, of which P90,000 was applicable to the period January 1 through January 15. The journal entry made by Nam Do San to record receipt of the P120,000 on January 15 includes A. A credit to Management Fees Earned of P120,000 B. A credit to Accounts Receivable of P30,000 C. A debit to Management Fees Earned of P30,000 D. A credit to Management Fees Earned of P90,000

On December 31, Nam Do San Property management made an adjusting entry to record P30,000 management fees earned but not yet billed to a client. This entry was reversed on January 1. On January 15, the client paid P120,000, of which P90,000 was applicable to the period January 1 through January 15. The journal entry made by Nam Do San to record receipt of the P120,000 on January 15 includes A. A credit to Management Fees Earned of P120,000 B. A credit to Accounts Receivable of P30,000 C. A debit to Management Fees Earned of P30,000 D. A credit to Management Fees Earned of P90,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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