It's my vacant time again. Hay! Katatapos lang ng history. We had a group debate and the topic debated upon was, "Would Philippines be better off if it became a state of US?" Err. Our instructor congratulated everyone in the class for the job well done. We all showed effort and it was beyond his expectation that our class would do well in any group activity -- debate, talk-show, role-play etc. BUT I admit that I am not qualified as a debater. Not even in an informal daily chats with friends. Well, I just mentioned about it for I noticed that the con party ignored all the concrete proofs that distance would not matter for US to manage the country (Philippines) if it happened to be permanently colonized by the former. Yun lang.:)
Then when I was on my way here at Apo Pilo with a classmate, I crossed path with my former classmate Moises. He asked help for the problem given to them in Accounting, and showed me the situation:
The company received 60-day note, 12 percent interest, 60000 pesos, from a customer for the service rendered on December 11. (Something to that effect).
In cases like this, my knowledge about a certain subject matter would easily divert but not in this point for my answer was:
Debit, Notes Receivable
Credit, Accrued Income... Clue is from the bold term.
contradicted by my companion:
Debit, Accrued Income
Credit, Interest Payable... she said.
For as long as I can recall, it is under accrual basis of accounting. She should prove me wrong.
I hope I can blog about our adventurous encounter in the Mountain of Hope last Saturday and in Bangan Hill for the this coming Saturday. It was my very first time to climb a steep mountain and I am so glad I managed my easy "fatiguebility." It was so much fun, adventure and a thing worth looking back.:)