ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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Jim Pharoah, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Pharoah collected $380000 from his patients. At December 31, 2020, Dr. Pharoah had accounts receivable of $39500. At December 31, 2021, Dr. Pharoah had accounts receivable of $69000 and unearned revenue of $9000. On the accrual basis, how much was Dr. Pharoah's patient service revenue for 2021?
$400500.
$409500.
$340500.
$418500.
Nita and Bona's entrepreneurs agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019
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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