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What is the adjusting entry needed on December

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Reference no: EM132830177

Problem - On July 15, 20A, Anny Cloveres Gabayan collected in advance cash of P48,000 from a tenant of her building. This represents rental which cover from the period August 1, 20A to August 1, 20C (two year contract).

Required -

1. How much is the earned portion of the rental collected in advance for the year ended, Dec. 31, 20A.

2. How much is the unearned portion of the rental collected in advance as of Aug. 1, 20C.

3. Assuming that "Income Method" or Rent Income was used in recording the pre-collection, what would be the necessary adjusting entry on Dec. 31, 20A?

4. Assuming the "Liability Method" or Unearned Rent Income was credited upon receipt of cash, what is the adjusting entry needed on December 31, 20A?

Reference no: EM132830177

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