question archive Charlene Company sublet a portion of its commercial apartment for 10 years at an annual rental of P72,000 beginning February 1

Charlene Company sublet a portion of its commercial apartment for 10 years at an annual rental of P72,000 beginning February 1

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  1. Charlene Company sublet a portion of its commercial apartment for 10 years at an annual rental of P72,000 beginning February 1.  Term is 1 year advance rental which Charlene credited to Rental Income.  Using calendar year basis, the adjustment at the end of the year shall include:

a. Debit to unearned rental income of 66,000

b. Debit to unearned rental income of 6,000

c. Debit to rental income of 66,000

d. Debit to rental income of 6,000

 

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