uliano Real Estate owns an office building and leases the office under a variety of rental agreements involving rent paid in advance monthly or annually.

Not all tenants make timely payments of their rent. Juliano's balance sheets contained the following data:

	2020	2021
Rental Receivable	P192,000	P248,000
Unearned Rentals	640,000	480,000

During 2021, Julaino received P1,600,000 from tenants. What amount of rental revenues should Juliano record for 2021?
Answer: 

 

 

2.Under Juliano Vintage Services accounting system, all insurance premiums paid are devited to prepaid insurance. For interim financial reports Juliano makes monthly estimated charges to insurance expenses with  credits ro prepaid insurance. Additional information for the year ended December 31, 2021 is as follows:

 

Prepaid insurance at Dec. 31, 2020	P110,000
Charges to insurance expenses during 2021 (including a year- end	437,000
adjustments of P10,500)
Prepaid insurace at December 31, 2021	120,500

What was the total amount of insurance premiums paid by Juliano during 2021?