BT21 Corp. collected P24,700 in interest during 2021.  BT21 showed P3,700 in interest receivable on its December 31, 2021 statement of financial position and P10,600 on December 31, 2020. How much is the Interest Revenue reported on BT21 Company’s statement of comprehensive income for 2021?

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A: Hi student Since there are multiple questions, we will answer only first question.

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Q: Based on the above information, determine the cash received for interest during 2020.

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A:

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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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Q: TS Corp. collected P24,700 in interest during 2021.  BTS showed P3,700 in interest receivable on its…

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A: The interest earned during the period but not received yet is recorded as Accrued interest.

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