The financial year of Abi Sy ends on December 31 each year. On May 30, 2022, Abi Sy received an annual service fee of P600,000 from a customer for a service commencing o June 1. What should be presented on Dec. 31, 2022? O P250,000 should be treated as unearned revenues. O P300,000 should be treated as unearned revenues. O P600,000 should be treated as unearned revenues. O P600,000 should be treated as revenues for the current financial year.
The financial year of Abi Sy ends on December 31 each year. On May 30, 2022, Abi Sy received an annual service fee of P600,000 from a customer for a service commencing o June 1. What should be presented on Dec. 31, 2022? O P250,000 should be treated as unearned revenues. O P300,000 should be treated as unearned revenues. O P600,000 should be treated as unearned revenues. O P600,000 should be treated as revenues for the current financial year.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 8DQ
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