Brown Corporation owns an office building and leases the offices under a one-year rental agreement.  Not all tenants make timely payments of their rent.  The following information were from the company’s records. 2020: Rental receivable - P96,000 2021: Rental receivable - P124,000 2020: Unearned rentals - P320,000 2021: Unearned rentals - P240,000 During the year 2021, Brown received rental payments of P800,000 from its tenants. Under the accrual basis, how much is the rental revenue of Brown Corporation for the year 2021?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is