Problem
On December 1, 2019, LOL Company collected from a client P120,000 rental fee for 6 months.
Required you as the company owner:
i. Record the original journal entry in your books of account.
ii. Record the ending balance at the end of december 2019 and make a journal entry/adjusting entry.
iii. How much is the ending balance of unearned at the end of may 31, 2019 and the adjusting entry.
iv. Make a journal entry for #3.