SYDNEY Consultants maintains its accounting records using the pure cash basis of accounting. During 2021, SYDNEY collected P1,590,000 from its clients and paid P877,000 in operating expenses. At December 31, 2020 and 2021, the following account balances were obtained: December 31, 2021 December 31, 2020 Professional fees receivable Unearned professional fees Prepaid operating expenses Accrued operating expenses 297,500 P 245,000 112,500 127,300 99.500 107,800 111,400 97,300

SYDNEY Consultants maintains its accounting records using the pure cash basis of accounting. During 2021, SYDNEY collected P1,590,000 from its clients and paid P877,000 in operating expenses. At December 31, 2020 and 2021, the following account balances were obtained: December 31, 2021 December 31, 2020 Professional fees receivable Unearned professional fees Prepaid operating expenses Accrued operating expenses 297,500 P 245,000 112,500 127,300 99.500 107,800 111,400 97,300

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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