FABM1

Which of the following accounts in the Adjusted Trial Balance columns of the worksheet would be extended to the Balance Sheet columns?

• Utilities Expense

• Rent Revenue

• Sir Metz Drawing

• Miscellaneous Expense

Which of the following accounts would be classified as a current asset on the balance sheet.?

• Office Equipment

• Land

• Accumulated Depreciation

• Accounts Receivable

Which of the following accounts would not be closed to the income and expense summary account at the end of a period?

• Accumulated Depreciation

• Rent Expense

• Service Income

• Salaries Expense

Which of the following accounts would not be included in a post-closing trial balance?

• Cash

• Service Income

• Accumulated Depreciation

• Sir Metz Capital

Which of the following entries closes the owner's drawing account at the end of the period?

• Debit the drawing account, credit the income summary account

• Debit the owner's capital account, credit the drawing account.

• Debit the income summary account , credit the drawing account

• Debit the drawing account, credit the owner's capital account.

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:

• Debit Supplies 950; Credit Supplies Expense 950

• Debit Supplies 1,300; Credit Supplies Expense 1,300

• Debit Supplies Expense, 950; credit Supplies, 950

• Debit Supplies Expense, 1,300; credit Supplies, 1,300

If the estimated amount of Depreciation on equipment for a period is P2,000 , the adjusting entry to record the depreciation would be:

• Debit Depreciation expense, P2,000; Equipment, P2,000

• Debit Equipment P2,000; credit Depreciation expense, P2,000

• Debit Depreciation expense, P2,000; credit Accumulated Depreciation, P2,000

• Debit Accumulated Depreciation P2,000; credit Depreciation expense, P2,000

If the equipment account has a balance of P22,500 and its accumulated Depreciation account has a balance of P14,000, the book value of the equipment is:

• P36,500

• P22,500

• P14,000

• P8,500

A debit may signify:

• An increase in an asset account

• A decrease in an asset account

• An increase in liability account

• Increase in owner's capital account.

The type of account with a normal credit balance is:

• Asset

• Drawing

• Revenue

• Expenses