Question
Limerick Company maintained the accounting records using the cash basis of accounting. During the current year, the entity collected P5,000,000 in fees from clients. On
Limerick Company maintained the accounting records using the cash basis of accounting. During the current year, the entity collected P5,000,000 in fees from clients.
On January 1, accounts receivable of P800,000 and unearned fees of P500,000 had been recorded.
On December 31, accounts receivable increased to P1,500,000 while unearned fees increased to P900,000.
Under accrual basis, what is the service revenue for the current year?
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The Corporate Culture Audit
Authors: Nigel Bristow, Sarah J. Sandberg
1st Edition
095597075X, 978-0955970757
