Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts toA. 3,059,100B. 3,250,000C. 3,146,900D. 3,440,900 Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For theyear, 2021, Bruno reported Professional Fees of P 3,250,000 and P1,520,000 operating expenses.On December 31, 2020 and December 31, 2021, he had the following accounts with balances asfollows:Dec. 31, 2021Dec. 31, 2020Prepaid expensesAccrued expensesProfessional Fees receivableP16,100P15,00027,50038,00033,400P185,00042,800Unearned professional fees86,700Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to

Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Answered: Under the accrual basis, Professional…

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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Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to A. 3,059,100 B. 3,250,000 C. 3,146,900 D. 3,440,900