The following information is available for possible adjustments: 1.The Laboratory Equipment was purchased January 2, 2020. It is estimated to have a useful life of nine years without scrap value. 2. Kualitas Laboratory received P5,000 cash on October 1, 2020 from Prescripto Clinic for diagnostic services for four months starting October 1.The collection was credited to unearned diagnostic fees.
The following information is available for possible adjustments: 1.The Laboratory Equipment was purchased January 2, 2020. It is estimated to have a useful life of nine years without scrap value. 2. Kualitas Laboratory received P5,000 cash on October 1, 2020 from Prescripto Clinic for diagnostic services for four months starting October 1.The collection was credited to unearned diagnostic fees.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information is available for possible adjustments:
1.The Laboratory Equipment was purchased January 2, 2020. It is estimated to have a useful life of nine years without scrap value.
2. Kualitas Laboratory received P5,000 cash on October 1, 2020 from Prescripto Clinic for diagnostic services for four months starting October 1.The collection was credited to unearned diagnostic fees.
Transcribed Image Text:Accounts Receivable
Ceedit
Debit
837,500
LaboratoRy equipment
Unearned Diagnostic Fee
SIO00
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