im Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients.
im Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients.
Chapter3: Income Sources
Section: Chapter Questions
Problem 79P
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Question
Jim Young, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Young collected P460,000 from his patients. At December 31, 2020, Dr. Young had accounts receivable of P50,000. At December 31, 2021, Dr. Young had accounts receivable of P70,000 and unearned revenue of P10,000. On the accrual basis, how much was Dr. Young's patient service revenue for 2021?
a. P 410,000.
b. P 470,000.
c. P 480,000.
d. P 490,000.
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