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Y Company sells household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to unearned service contract revenue. This account had a balance of P720,000 at December 31, 2006 before adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of P180,000 at December 31, 2006.
Outstanding service contracts at December 31, 2006 expires as follows:
During 2007,150,000;
During 2008, 225,000;
During 2009, 100,000
Problem 1: What amount should be reported as unearned service contract revenue in Y's December 31, 2006 balance sheet?
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