If on December 31, 2020, supplies on hand were P1,000, the adjusting entry would contain a A. Debit to Supplies Expense for P1,000. B. Credit to Supplies Expense for P1,000. C. Debit to Supplies Expense for P9,000 D. Credit to Supplies Expense for P9,000. 2. If on December 31, 2020, the trial balance showed insurance still unexpired amounting to P2,000, the adjusting entry would contain a A. Debit to Prepaid Insurance for P8,000. B. Credit to Prepaid Insurance for P8,000. C. Debit to Insurance Expense for P2,000. D. Credit to Prepaid Insurance for P2,000.
If on December 31, 2020, supplies on hand were P1,000, the adjusting entry would contain a A. Debit to Supplies Expense for P1,000. B. Credit to Supplies Expense for P1,000. C. Debit to Supplies Expense for P9,000 D. Credit to Supplies Expense for P9,000. 2. If on December 31, 2020, the trial balance showed insurance still unexpired amounting to P2,000, the adjusting entry would contain a A. Debit to Prepaid Insurance for P8,000. B. Credit to Prepaid Insurance for P8,000. C. Debit to Insurance Expense for P2,000. D. Credit to Prepaid Insurance for P2,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Multiple choice:
If on December 31, 2020, supplies on hand were P1,000, the adjusting entry would contain a
A. Debit to Supplies Expense for P1,000.
B. Credit to Supplies Expense for P1,000.
C. Debit to Supplies Expense for P9,000
D. Credit to Supplies Expense for P9,000.
2. If on December 31, 2020, the trial balance showed insurance still unexpired amounting to P2,000, the adjusting entry would contain a
A. Debit to Prepaid Insurance for P8,000.
B. Credit to Prepaid Insurance for P8,000.
C. Debit to Insurance Expense for P2,000.
D. Credit to Prepaid Insurance for P2,000.
Transcribed Image Text:Trial Balance
December 31, 2020
P 20,000
50,000
10,000
10,000
30,000
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Manalastas, Capital
10,000
30,000
60,000
60,000
Service Revenue Earned
Salaries Expense
Rent Expense
20,000
20,000
P 160,000
P 160,000
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