Reference no: EM133080385
Question - On July 1, 2021, Jungoy Company leased several pieces of furniture from Macaso Company under a one-year operating lease effective on this date. Total rent for the term of the lease will be P93,000, payable as follows:
First 3 months at P12,000 per month
Next 6 months at P8,000 per month
Last 3 months at P3,000 per month
How much is the deferral or accrual reported in Macaso Company's statement of financial position at December 31, 2021?
a. P13,500 accrued rent receivable
b. P13,500 unearned rent revenue
c. P46,500 prepaid rent
d. P46,500 accrued rent payable
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