Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Number 2 and 4 please 3. E. Omamalin Realty co. who owns a building in the downtown area in Dipolog City was partly rented by

image text in transcribedNumber 2 and 4 please

3. E. Omamalin Realty co. who owns a building in the downtown area in Dipolog City was partly rented by Venus Drug Company sometime last year. Based on theif lease contract agreement the rental will be pald every second day after the end of every month in the amount of past pistent basis. The fiscal year 50,000 and it was being done on ayment of the rental will be made beyond will end on June this. How will take up in the record as an adjustment in their respective books of accounts? A. E. Omamalin Realty Co. B. Venus Drug Company 3. On october 1,20A, Polanco Realty Co. collected P12,000 from a tenant representing an advance collection from building rental for one year. The accounting period ends on December 31,20A. A. Income Method B. Liability Method 4. On May 30, 2016 , ONB collected the amount of P20,000 representing advanced interest from a loan. The advanced interest will cover the period from May 30, 2016 to May 30, 2017 . The accounting period end on December 31, 2016. A. Liability Method B. Income Method 5. On September 01, 20A, Gerda Commercial paid an Insurance premium covering the period from september 01, 20A to september 01,20B in the amount of P3, 600 . The accounting perlod end's on December 31,20A. A. Expense Method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Prepare a constructive performance appraisal.

Answered: 1 week ago

Question

List the advantages of correct report formatting.

Answered: 1 week ago