Can you answer the multiple-choice and the accounting cycle Below Question 1 If the Supplies Expense account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be a. debit Supplies Expense P950; credit Supplies P950. b. debit Supplies Expense P1,300; credit Supplies P1,300. c. debit Supplies P1,300; credit Supplies Expense P1,300 d. debit Supplies P950, credit Supplies Expense P950. Question 2 If the supplies account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be a. debit Supplies P950, credit Supplies Expense P950. b. debit Supplies Expense P950; credit Supplies P950. c. debit Supplies Expense P1,300; credit Supplies P1,300. d. debit Supplies P1,300; credit Supplies Expense P1,300 Question 3 The balance in the Rent Revenue account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 31. What is the adjusting entry at December 31? a. debit Rent Revenue P400; credit Unearned Rent P400. b. debit Unearned Rent P400; credit Rent Revenue P400. c. debit Rent Revenue P800; credit Unearned Rent P800. d. debit Unearned Rent P800; credit Rent Revenue P800. Question 4 The balance in the Rent Revenue account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 1. What is the adjusting entry at December 31? a. debit Unearned Rent P200; credit Rent Revenue P200. b. debit Rent Revenue P400; credit Unearned Rent P400. c. debit Rent Revenue P200; credit Unearned Rent P200. d. debit Unearned Rent P400; credit Rent Revenue P400. Question 5 The balance in the unearned rent account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 31. What is the adjusting entry at December 31? a. debit Rent Revenue P800; credit Unearned Rent P800. b. debit Rent Revenue P400; credit Unearned Rent P400. c. debit Unearned Rent P800; credit Rent Revenue P800. d. debit Unearned Rent P400; credit Rent Revenue P400. Question 6 The balance in the Unearned Rent account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 1. What is the adjusting entry at December 31? a. debit Unearned Rent P1,000; credit Rent Revenue P1,000. b. debit Rent Revenue P1,000; credit Unearned Rent P1,000. c. debit Unearned Rent P400; credit Rent Revenue P400. d. debit Rent Revenue P200; credit Unearned Rent P200. Question 7 Which of the following represents a deferral? a. Wages payable b. Prepaid insurance c. Fees earned d. Accumulated depreciation Question 8 Basic Company's unadjusted trial balance for the year ended December 31, 2019 showed an Unearned Subscription Revenue account of P6,000. This balance was related to a one year subscription that started on October 1, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY subscription revenue pertaining to the said subscription contract? Answer 2. What method is being used by Basic Company to account for the subscription contract? Answer 3. How many months of the subscription contract was earned for the year ending 12.31.2019? Answer 4. How much is the correct amount of subscription revenue for year 2019 related to the said subscription contract? Answer 5. How many months of the subscription contract is still unearned as of 12.31.19? Answer 6. How much is the correct balance of the unearned subscription revenue on 12.31.19? Answer 7. What adjusting entry should be made on 12.31.19? Answer Answer Answer Answer Made Company's unadjusted trial balance for the year ended December 31, 2019 showed a Repair Revenue account of P4,200. This balance was related to a one year contract to provide repair services for a year that started on October 31, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY repair revenue pertaining to the said contract? Answer 2. What method is being used by Made Company to account for the repair contract? Answer 3. How many months of the repair contract was earned for the year ending 12.31.2019? Answer 4. How much is the correct amount of repair revenue for year 2019 related to the said contract? Answer 5. How many months of the repair contract is still unearned as of 12.31.19? Answer 6. How much is the correct balance of the unearned repair revenue on 12.31.19? Answer 7. What adjusting entry should be made on 12.31.19? Answer Answer Answer Answer Easy Company's unadjusted trial balance for the year ended August 30, 2019 showed an Unearned Fees account of P10,500. This balance was related to a 6 month contract to provide architecture services to start on August 1, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY revenue pertaining to the said contract? Answer 2. What method is being used by Easy Company to account for the contract? Answer 3. How many months of the contract was earned for the year ending 8.31.2019? Answer 4. How much is the correct amount of Fees Earned for year 2019 related to the said contract? Answer 5. How many months of the contract is still unearned as of 8.31.19? Answer 6. How much is the correct balance of the unearned fees on 8.31.19? Answer 7. What adjusting entry should be made on 8.31.19? Answer Answer Answer Answer

Can you answer the multiple-choice and the accounting cycle Below Question 1 If the Supplies Expense account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be a. debit Supplies Expense P950; credit Supplies P950. b. debit Supplies Expense P1,300; credit Supplies P1,300. c. debit Supplies P1,300; credit Supplies Expense P1,300 d. debit Supplies P950, credit Supplies Expense P950. Question 2 If the supplies account, before adjustment on May 31, indicated a balance of P2,250, and supplies on hand at May 31 totaled P950, the adjusting entry would be a. debit Supplies P950, credit Supplies Expense P950. b. debit Supplies Expense P950; credit Supplies P950. c. debit Supplies Expense P1,300; credit Supplies P1,300. d. debit Supplies P1,300; credit Supplies Expense P1,300 Question 3 The balance in the Rent Revenue account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 31. What is the adjusting entry at December 31? a. debit Rent Revenue P400; credit Unearned Rent P400. b. debit Unearned Rent P400; credit Rent Revenue P400. c. debit Rent Revenue P800; credit Unearned Rent P800. d. debit Unearned Rent P800; credit Rent Revenue P800. Question 4 The balance in the Rent Revenue account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 1. What is the adjusting entry at December 31? a. debit Unearned Rent P200; credit Rent Revenue P200. b. debit Rent Revenue P400; credit Unearned Rent P400. c. debit Rent Revenue P200; credit Unearned Rent P200. d. debit Unearned Rent P400; credit Rent Revenue P400. Question 5 The balance in the unearned rent account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 31. What is the adjusting entry at December 31? a. debit Rent Revenue P800; credit Unearned Rent P800. b. debit Rent Revenue P400; credit Unearned Rent P400. c. debit Unearned Rent P800; credit Rent Revenue P800. d. debit Unearned Rent P400; credit Rent Revenue P400. Question 6 The balance in the Unearned Rent account for Jones Co. as of December 31 is P1,200, pertaining to a 6 month advance rental from a customer commencing on August 1. What is the adjusting entry at December 31? a. debit Unearned Rent P1,000; credit Rent Revenue P1,000. b. debit Rent Revenue P1,000; credit Unearned Rent P1,000. c. debit Unearned Rent P400; credit Rent Revenue P400. d. debit Rent Revenue P200; credit Unearned Rent P200. Question 7 Which of the following represents a deferral? a. Wages payable b. Prepaid insurance c. Fees earned d. Accumulated depreciation Question 8 Basic Company's unadjusted trial balance for the year ended December 31, 2019 showed an Unearned Subscription Revenue account of P6,000. This balance was related to a one year subscription that started on October 1, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY subscription revenue pertaining to the said subscription contract? Answer 2. What method is being used by Basic Company to account for the subscription contract? Answer 3. How many months of the subscription contract was earned for the year ending 12.31.2019? Answer 4. How much is the correct amount of subscription revenue for year 2019 related to the said subscription contract? Answer 5. How many months of the subscription contract is still unearned as of 12.31.19? Answer 6. How much is the correct balance of the unearned subscription revenue on 12.31.19? Answer 7. What adjusting entry should be made on 12.31.19? Answer Answer Answer Answer Made Company's unadjusted trial balance for the year ended December 31, 2019 showed a Repair Revenue account of P4,200. This balance was related to a one year contract to provide repair services for a year that started on October 31, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY repair revenue pertaining to the said contract? Answer 2. What method is being used by Made Company to account for the repair contract? Answer 3. How many months of the repair contract was earned for the year ending 12.31.2019? Answer 4. How much is the correct amount of repair revenue for year 2019 related to the said contract? Answer 5. How many months of the repair contract is still unearned as of 12.31.19? Answer 6. How much is the correct balance of the unearned repair revenue on 12.31.19? Answer 7. What adjusting entry should be made on 12.31.19? Answer Answer Answer Answer Easy Company's unadjusted trial balance for the year ended August 30, 2019 showed an Unearned Fees account of P10,500. This balance was related to a 6 month contract to provide architecture services to start on August 1, 2019. In relation this, answer the following questions. 1. How much is the MONTHLY revenue pertaining to the said contract? Answer 2. What method is being used by Easy Company to account for the contract? Answer 3. How many months of the contract was earned for the year ending 8.31.2019? Answer 4. How much is the correct amount of Fees Earned for year 2019 related to the said contract? Answer 5. How many months of the contract is still unearned as of 8.31.19? Answer 6. How much is the correct balance of the unearned fees on 8.31.19? Answer 7. What adjusting entry should be made on 8.31.19? Answer Answer Answer Answer

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.8E: Adjustment for supplies Answer each of the following independent questions concerning supplies and...

See similar textbooks