Ryo Kiritani is a hair dresser and earns income by styling hair
of well-known people. He initially received and recorded advance
payments of Php 50,000, Php 75,000, and Php 125,000 from A, B, and
C, respectively during the year 2022. By the end of December, it
was determined that 55%, 30%, and 70% work were done for A, B, and
C, respectively by Ryo.
5. Assuming A, B, and C are Ryo Kiritani’s only customers, how
much is his adjusted service income on December 31, 2022?
6. How much is Ryo Kiritani’s adjusted unearned revenue on
December 31, 2022?
7. How much is A’s adjusted prepaid expenses in relation to
Ryo’s hair styling services on December 31, 2022
Ryo Kiritani is a hair dresser and earns income by styling hair of well-known people. He initially received and recorded
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