WorksheetsBATTLE OF DESCENDANTS (Difficult Level)
Total questions: 10
Worksheet time: 20mins
Oreo Company had a balance of P800,000 for its advertising account before year-end of 2021. The following items are for considerations:
● Radio advertising time slot during December 2021 were billed to Carlisle on January 2, 2022. The invoice cost contains P50,000 which was paid on January 10, 2022.
● Covered by the P800,000 balance is P40,000 advertising from a newspaper for the promotional campaign in January 2022.
How much would be Carlisle Company's advertising expense for the year ended December 31, 2021?
P890,000
P850,000
P840,000
P810,000
On December 31, 2021, Daisy Company appropriately reported utilities expenses on its statement of comprehensive income for P105,000. Its accrued utilities expense beginning balance for 2021 amounted to P13,000. Total settlements for utilities during 2021 were P92,000, which were fully debited to utilities expense. Daisy did not prepare a reversing entry for utilities on January 1, 2021. What is the adjusting entry on December 31, 2021?
Debit Utilities Expense - P13,000
Credit Utilities Payable - P13,000
Debit Utilities Payable - P13,000
Credit Utilities Expense - P13,000
Debit Utilities Expense - P8,000
Credit Utilities Payable - P8,000
Debit Utilities Payable - P8,000
Credit Utilities Expense - P8,000
Tara Co. owns an office building and leases the offices under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payments of their rent. Tara's balance sheets
contained the following data:
Rentals receivable $9,600 (Year 1) $12,400 (Year 2)
Unearned rentals 32,000(Year 1) 24,000 (Year 2)
During Year 2, Tara received $80,000 cash from tenants. What amount ofrental revenue should Tara record for Year 2?
$90,800
$85,200
$74,800
$69,200
The ending balance of the Accounts Receivable account was P120,000. Services billed to customers for the period were P215,000 and collections on account from customers were P236,000. What was the beginning balance of Accounts Receivable?
P335,000
P331,000
P141,000
P99,000
On October 6, 2021, ABC Company sold P10,200 worth of merchandise. 2/10, n/30, FOB Destination. The customer paid the P500 transportation costs. The customer paid the account on October 16, 2021. How much is the amount paid?
10,496
9,996
9,496
10,200
ABC Company sold 10 units of goods with the unit list price of P3,000 on January 1, 2021. Given that the trade discount is 5% and 10% and the terms of the purchase is 4/5, 3/10, 2/15, n/60, if the customer settles the debt on January 12, 2021, what is the actual amount he needs to pay.
25,500
25,137
24,990
25,650
Fornire Company reported the following data for 2020:
Net purchases, P 90,000
Goods available for sale, P 120,000
Ending Inventory P 50,000
Gross Profit, P 60,000
Required: Compute for merchandise inventory, beginning _________.
20,000
30,000
40,000
50,000
Debit - Accounts Receivable 50,000,000
Credit - Net Credit Sales 55,000,000
Aguas Accounting Firm estimated that 5% of gross accounts receivable would become uncollectible. What amount should be reported as doubtful accounts expense for the current year?
3,000,000
2,750,000
2,500,000
5,250,000
As of December 31, Ravenclaw Merchandising Company’s records show the following amounts: Purchases P 1,250,000
Purchase discount 25, 000
Purchase returns 140,000
If Ravenclaw Company’s beginning inventory amounted to P 375,000, the Company’s total Cost of Goods Available for sale is________________
P 710,000
P 1,085,000
P 1,460,000
P 1,250,000
The unearned rent account has a balance of P 36,000. If P4,000 of the P36,000 is unearned at the end of the accounting period, the amount of the adjusting entry is
P 4,000
P 40,000
P 32,000
P 36,000
