Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of: P175,000 P45,000 P240,000 P191,250

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of:

P175,000

P45,000

P240,000

P191,250

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