44. During the year, Maldives Company, in its trial balance reported revenues of P130,000 and expenses of P80,000 before adjustments for the following items: P20,000 which was collected in advance, recorded initially as a liability was carned by yearend; P10,000 of rentals initially recorded under prepaid rent expires by yearend; P8,000 unrecorded and uncollected services rendered to customers; and P3,500 employees salaries incurred by yearend, remains unrecorded and unpaid. After the adjusting and closing entries have been posted, the balance of the Income Summary account is a. PO b. P48,500 c. P50,000 d. P64,500

44. During the year, Maldives Company, in its trial balance reported revenues of P130,000 and expenses of P80,000 before adjustments for the following items: P20,000 which was collected in advance, recorded initially as a liability was carned by yearend; P10,000 of rentals initially recorded under prepaid rent expires by yearend; P8,000 unrecorded and uncollected services rendered to customers; and P3,500 employees salaries incurred by yearend, remains unrecorded and unpaid. After the adjusting and closing entries have been posted, the balance of the Income Summary account is a. PO b. P48,500 c. P50,000 d. P64,500

Name: 44. During the year, Maldives Company, in its trial balance reported
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Description: 44. During the year, Maldives Company, in its trial balance reported revenues of P130,000 and expenses ofP80,000 before adjustments for the following items: P20,000 which was collected in advance, recordedinitially as a liability was earned by yeare

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....

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