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Make necessary journal entries at the end of each letter

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Question - Make the necessary journal entries at the end of 2019 for each letter identified below if the company is using the liability method of recording unearned revenues.

a. On June 1, 2019, received P144,000 as advance rent of two years.

b. On May 1 2019, collected P36,000 for a one year advertising contract.

c. On April 1, 2019, received P42,000 from a tenant representing rental for one year.

d. The Company subleased a portion of its building for three months from Nov 1, 2019 to January 31, 2020. Unearned revenue was credit for P54,000 and no adjustment was made in this account at the end of 2019.

Reference no: EM132528930

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