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The balance of the Commission Income account includes a P35,000 commissions received in advance for...

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Accounting

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The balance of the Commission Income account includes a P35,000 commissions received in advance for selling eight units of refrigerators. However, only three units were sold during the year. Of the P35,000, how much will be shown in the liability section of the statement of financial position as of December 31, 2019? P 4,375 P35,000 P13,125 D) P21,875 Question 37 For the fiscal year ended May 31, 2019, the Company reported a balance of Unearned Rent Revenue of P220,000 before any adjustment. The details of the unearned rent were presented below: i. P180,000 - received from a tenant on November 30, 2018, representing one-year rental beginning December 2018. ii. P40,000 - received from a tenant on May 1, 2019, representing four months of rental beginning in May 2019. The adjusted balance of unearned rent revenue that would appear in the income statement is P105,000 B) P120,000 P115,000 (D) PO

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