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Make the journal entry to recognize the billings made

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Question - The following transactions were occurred by a national government agency relating to billings and collections for the month of December 2021:

December 02 - The agency prepared the following billings for the month of November 2021: Rent/Lease Income - P50,000; Power Supply System Fees - P150,000; Landing and Parking Fees - P20,000; and Waterworks System Fees - P100,000.

December 09 - Collected all of the billings made on December 02, 2021 and issued Official Receipts.

December 10 - Remitted all collections made last December 09, 2021 to the Bureau of Treasury (BTr).

Required - Make the journal entry to recognize the billings made on December 02, 2021 includes a debit?

Reference no: EM133078441

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