Master Architect designs houses for various clients. Its unadjusted trial balance as of December 31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing two accounts...

Extracted text: Master Architect designs houses for various clients. Its unadjusted trial balance as of December 31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing two accounts collected in advance: November 10 Monson account, P200,000 and December 15 Samson account, P150,000. It takes 50 days for a design to be finished and delivered. Required: a. Prepare the entry to adjust the unearned revenue and recognize Professional Fees. b. Make postings to the general ledger accounts appearing below. Unearned Professional Fees Debit 404 Date 2018 Explanation Ref Credit Balance Collection from Monson Collection from Samson Nov. 10 GJ 11 P200,000 P200,000 Dec. 15 GJ 12 150,000 350,000 Dec. 31 AE Professional Fees 702 Date Explanation Ref Debit Credit Balance 2018 Total services rendered. GJ 12 P1,000,000 P1,000,000 Dec. 31 AE 2