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Cerette Industries received a P20,000 prepayment from the Jayda Company for the sale of new office furniture. Cerette will bill Jaydaan additional P30,000 upon delivery

Cerette Industries received a P20,000 prepayment from the Jayda Company for the sale of new office furniture. Cerette will bill Jaydaan additional P30,000 upon delivery of the furniture to Jayda. Upon receipt of the P20,000prepayment, how much should Cerette recognize for a contract liability? Question 15Answer P-0- P30,000 P20,000 P10,000

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