Prepare the necessary adjusting entry

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Reference no: EM133265106

Question: Micmic Company provides service contracts on air-conditioning units of small- scale business offices. Its clients are billed at the end of each month, payable by the tenth day of the following month. On December 31, 2021, billings for services rendered in December amounting to P65,600 were prepared and mailed to clients. It is the policy of the company that the revenue is recorded only upon the receipt of payment from its clients, hence, no entry was made to reflect the revenue earned for the month of December.

Prepare the necessary adjusting entry on December 31, 2021

Reference no: EM133265106

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