Question
Make the necessary journal entries at the end of 2019 for each letter identified below if the company is using the Income method of recording
Make the necessary journal entries at the end of 2019 for each letter identified below if the company is using the Income method of recording unearned revenues.
a.On December 1, 2019, received P72,000 representing advance collection of a 10% commission on sales. Sales for the month amounted to P300,000.
b. On November 1, received P1,850 interest for a P50,000 note receivable which matures after 6 months.
c. On August 1, received P1,500 for magazine subscriptions for two years.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
