Answer the following. Part IV. Accrued RevenueAt the end of the fiscal year an enterprise holds a P12,000 face value, 90-day, 12% note receivableaccepted from a customer thirty days earlier. What is the adjusting entry prepared at the end of theenterprise's fiscal year?DateParticularsPRDebitCreditPart V. Unearned RevenueOn November 1, Luna Repair Shop receives P80,000 from a customer as payment for the monthly check-up and maintenance of his automobiles for six months starting the month of November. Assuming noadjusting entry had been made on November 30, what is the adjusting journal entry to be prepared bythe end of December if the company credited unearned service income on November 1DateParticularsPRDebitCredit

Accrued income represents that income which has been earned but not received during the current…

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Answer the following.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 5PB: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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Question

Answer the following.

Part IV. Accrued Revenue
At the end of the fiscal year an enterprise holds a P12,000 face value, 90-day, 12% note receivable
accepted from a customer thirty days earlier. What is the adjusting entry prepared at the end of the
enterprise's fiscal year?
Date
Particulars
PR
Debit
Credit
Part V. Unearned Revenue
On November 1, Luna Repair Shop receives P80,000 from a customer as payment for the monthly check-
up and maintenance of his automobiles for six months starting the month of November. Assuming no
adjusting entry had been made on November 30, what is the adjusting journal entry to be prepared by
the end of December if the company credited unearned service income on November 1
Date
Particulars
PR
Debit
Credit

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