Midterm Quiz II Fundamentals of Accounting 1

On November 1: A company pays P1,200 for office rent for the month. What is the debit?

• Accounts Receivable

• Cash

• Rent Expense

• Sales Revenue

On November 1: A company pays P1,200 for office rent for the month. What is the credit?

• Accounts Receivable

• Cash

• Rent Expense

• Sales Revenue

On November 2: The company sells P3,500 worth of products on credit. What is the debit?

• Accounts Receivable

• Cash

• Rent Expense

• Sales Revenue

On November 2: The company sells P3,500 worth of products on credit. What is the credit?

• Accounts Receivable

• Cash

• Rent Expense

• Sales Revenue

On November 3: The company purchases office supplies for P500 on account. What is the dedit?

• Accounts Payable

• Cash

• Office Supplies

• Unearned Revenue

On November 3: The company purchases office supplies for P500 on account. What is the credit?

• Accounts Payable

• Cash

• Office Supplies

• Unearned Revenue

On November 4: The company receives P2,000 cash from a customer for services to be provided in the future. What is the debit?

• Accounts Payable

• Cash

• Office Supplies

• Unearned Revenue

On November 4: The company receives P2,000 cash from a customer for services to be provided in the future. What is the credit?

• Accounts Payable

• Cash

• Office Supplies

• Unearned Revenue

On January 5: The company pays P400 for utilities (electricity and water bills) for the month. What is the debit?

• Cash

• Common Stock or Ordinary Share

• Utilities Expense

On January 5: The company pays P400 for utilities (electricity and water bills) for the month. What is the credit?

• Cash

• Common Stock or Ordinary Share

• Utilities Expense