On July 1, 2021, 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 P 5,000 = P 60,000 12 months at P 7,500 = 90,000 12 months at P17,500 = 210,000 All payments were made when due.
On July 1, 2021, 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 P 5,000 = P 60,000 12 months at P 7,500 = 90,000 12 months at P17,500 = 210,000 All payments were made when due.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. What is the rent revenue for the year ended June 30, 2022?
2. On June 30, 2023, what amount should be reported as accrued rent receivable?
![On July 1, 2021, 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 P 5,000 = P 60,000
12 months at P7,500 = 90,000
12 months at P17,500 = 210,000
All payments were made when due.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81d68570-12a3-49ed-bb57-b864c7477ff0%2F3b163761-ddd6-463f-aaa7-8395ac92cb91%2Fh69tn6j_processed.png&w=3840&q=75)
Transcribed Image Text:On July 1, 2021, 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 P 5,000 = P 60,000
12 months at P7,500 = 90,000
12 months at P17,500 = 210,000
All payments were made when due.
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