The financial year of Abi Sy ends on December 31 each year. On May 30, 2022, Abi Syreceived an annual service fee of P600,000 from a customer for a service commencing onJune 1. What should be presented on Dec. 31, 2022?P250,000 should be treated as unearned revenues.P300,000 should be treated as unearned revenues.P600,000 should be treated as unearned revenues.P600,000 should be treated as revenues for the current financial year.

The answer should be first option which is P250,000 should be treated as unearned revenues. PER…

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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...

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