On November 1,2020, ABC Company leased a piece of furniture to XYZ Corporation under a 9-month operating lease. Total rent for the term of the lease will be P36,000, payable as follows: · P5,000 per month for the first 3 months- P15,000 · P4,500 per month for the next 3 months- P13,500 · P2,500 per month for at least 3 months- P7,500 Payments were made in advance on a monthly basis. XYZ uses the calendar year. The monthly entries in the books of ABC Company on February 1, March 1 and April 1, 2021 is?

On November 1,2020, ABC Company leased a piece of furniture to XYZ Corporation under a 9-month operating lease. Total rent for the term of the lease will be P36,000, payable as follows: · P5,000 per month for the first 3 months- P15,000 · P4,500 per month for the next 3 months- P13,500 · P2,500 per month for at least 3 months- P7,500 Payments were made in advance on a monthly basis. XYZ uses the calendar year. The monthly entries in the books of ABC Company on February 1, March 1 and April 1, 2021 is?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter11: Notes, Bonds, And Leases

Section: Chapter Questions

Problem 9Q

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