NEW
Font size
WorksheetsADJUSTING ENTRIES
Total questions: 20
Worksheet time: 19mins
At the beginning of Year 1, the Supplies account had a debit balance of RM2,300. During the year, the business purchased RM900 of supplies. An inventory count at the end of the year revealed that RM650 of supplies remained. The adjusting entry as a result of this information is:
DR Supplies Expense RM1,650, credit Supplies RM1,650
DR Supplies Expense RM3,850, credit Accumulated Depreciation -Supplies RM3,850
DR Supplies Expense RM750, credit Supplies RM750
DR Supplies Expense RM2,550, credit Supplies RM2,550
Accounts receivable shows a balance of RM45,000. It is estimated that 12% of this is uncollectible.
Give the adjusting journal entry on December 31, 2020 for the provision of the estimated uncollectible account.
Bad Debts expense (DR): 900
Allowance for Bad Debts (CR): 900
Bad Debts expense (DR): 4, 500
Allowance for Bad Debts (CR): 4, 500
Bad Debts expense (DR): 5, 400
Allowance for Bad Debts (CR): 5, 400
Bad Debts expense (DR): 1, 500
Allowance for Bad Debts (CR): 1, 500
Vulture Consultancy Services closes its books every December 31 and correspondingly prepares year-end adjusting entries. Make the appropriate adjusting entry on the given transaction:
On April 30, the company rented office space in Melaka as its branch office. It paid RM19,200 for the annual rent and debited the amount to Prepaid rent.
Rent Expense (DR): 12,800
Prepaid Rent (CR): 12,800
Rent Expense (DR): 11,200
Prepaid Rent (CR): 11,200
Rent Expense (DR): 14,400
Prepaid Rent (CR): 14,,00
Rent Expense (DR): 160,000
Prepaid Rent (CR): 160,000
How do you journalize the adjusting entry for unearned revenue?
Debit Unearned Revenue, Credit Revenue
Debit Revenue, Credit Unearned Revenue
Debit Cash, Credit Unearned Revenue
Debit Cash, Credit Revenue
On 1 September 2017, the company collected RM 72,000 rent in advance. A debit to Cash and a credit to Unearned Revenue was made. The tenant was paying for one year's rent. How much is the Rental Revenue to be recorded in the adjusting entry on 31 Dececember 2017?
RM 6,000
RM 24,000
RM 30,000
RM 36,000
Office Equipment was purchased on 1 January 2017 at a cost of RM140,000 with a salvage value of RM20,000. The equipment’s useful life is 5 years. How much is the depreciation expense on 31 December 2017.
RM 24,000
RM 10,000
RM 16,000
RM 28,000
On 1 October 2017 the company paid RM 18,000 for a one-year insurance policy. The account to be debited and its amount to be recorded on 31 December 2017 is _____________ ?
Insurance Expense/ RM 13,500
Prepaid Insurance/ RM 13,500
Insurance Expense/ RM4,500
Prepaid Insurance/ RM 4,500
A business purchased a one-year insurance policy costing RM480 on 15 April of the current year. The journal entry to record this transaction is:
Dr Insurance Expense RM 480, Cr Bank RM 480
Dr Prepaid Insurance RM 480, Cr Insurance RM 480
Dr Prepaid Insurance RM 340, Cr Insurance Expense RM 340
Dr. Insurance Expense RM 340, Cr. Prepaid InsuranceRM $340
Venture Services closes its books every 31 December and correspondingly prepares year-end adjusting entries. Make the appropriate adjusting entry on the given transaction:
On 1 August, the company borrowed RM 250, 000 from Metro Bank at 12% per annum. What the adjusting entries?
Interest Expense (DR): 12,500
Interest Payable (CR): 12, 500
Interest Expense (DR): 150,000
Interest Payable (CR): 150, 000
Interest Expense (DR): 30,000
Interest Payable (CR): 30, 000
Interest Expense (DR): 2,500
Interest Payable (CR): 2, 500
Kamal Enterprise closes its books every 31 December and correspondingly prepares year-end adjusting entries. Make the appropriate adjusting entry on the given transaction:
On 30 April, the company rented an office space in Melaka as its branch office. It paid RM192, 000 for the annual rent and debited the amount to Prepaid rent.
Rent Expense (DR): 128,000
Prepaid Rent (CR): 128,000
Rent Expense (DR): 112,000
Prepaid Rent (CR): 112,000
Rent Expense (DR): 144,000
Prepaid Rent (CR): 144,000
Rent Expense (DR): 160,000
Prepaid Rent (CR): 160,000
CHS Hardware borrowed RM120,000 at 12% interest on 1 February 2021 The amount will be paid after 1 year. No entry was entered in the journal to take up the interest. How much is the interest expense to be recorded on 31 December 2021.
RM 14,400
RM 10,800
RM 12,000
RM 13,200
On 1 November 2021, Ms. Cruz, owner of Labada Express, received RM60,000 as advance payment from Hotel Dolores for laundry of assorted garments. Assuming, 60% of the unearned revenue has been rended on 31 December 2021, what is the account to be credited and its amount?
Unearned Revenue/ RM 36,000
Laundry Revenue/ RM36,000
Unearned Revenue/ RM 24,000
Laundry Revenue/ RM 24,000
On 1 December 2021, Mr. Hilmmi paid RM 18,000 to the cashier of Goma Company as a payment for rent during months of December 2021 and January 2022. How much is the rent expense of Mr. Hilmmi on 31 December 2021?
RM 9,000
RM900
RM18,000
RM1,800
The advertising fee to be paid on 1 June 2020 is RM 45,000, covering period from 1 June 2020 to 31 Mei 2021. How much is the prepaid advertising fee on 31 December 2020?
RM17,850
RM18,750
RM16,500
RM15,870
California Skin Tone bought a salon equipment for RM75,000 on 1 January 2021. The estimated economic life of the equipment is 5 years. The scrap value is determined to be 10% of acquisition cost. How much is the depreciation using straight line method on 31 January 2021?
RM13,500
RM1,350
RM15,000
RM1,500
On 1 July 2021, Mikki Tutorials received RM15,000 representing advance payment for services to be rendered in November 2021. As of the year-end, only 70% of the expected service was rendered. How much is the service revenue to be recognized?
RM101,500
RM10,500
RM1,050
RM100,501
