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WorksheetsAdjusting Entries
Total questions: 20
Worksheet time: 12mins
On Nov. 1, 2017, Ms. Cruz, owner of Labada Express, received P 60,000 as advance payment from Hotel Dolores for laundry of assorted garments. Assuming, 60% of the unearned revenue has been rendered on Dec. 31, 2017, what is the account to be credited and its amount?
Unearned Revenue/ Php 36,000
Laundry Revenue/ Php 36,000
Unearned Revenue/ Php 24,000
Laundry Revenue/ Php 24,000
Adjusting entries are necessary because accounts are allowed to become inaccurate between financial statement dates.
True
False
Whenever supplies are used (like a paper clip from a supply drawer), the Supplies Expense should immediately be debited.
True
False
The Accumulated Depreciation account is decreased when it is credited.
True
False
The Accumulated Depreciation account is known as a "contra" account because even though it is a ____________ account, it has a ________________ balance.
asset, credit
liability, debit
asset, debit
liability, credit
A red Dodge Viper was bought on July 1 of the current year for $180,000. It is expected to last 20 years with 0 Salvage Value. Calculate the amount of depreciation as of December 31st of the current year using the straight line method of depreciation.
$4500
$9000
$54,000
$2,700
We purchased Indian Insurance (Prepaid Insurance) on June 1st, 2020 for $252. What is the Insurance Expense as of December 31, 2020?
$105
$50.40
$147
none of the above
Unearned revenue is a(n) _________________ account.
Revenue
Expense
Asset
Liability
Which of the following is TRUE about the allowance for doubtful accounts?
It is always equal to bad debts expense
It is never equal to bad debts expense
It will always be less than accounts receivable
It will never be less than the accounts receivable
On December 1, 2018, Mr. Hindu paid Php18,000 to the cashier of Goma Company as a payment for rent during months of December 2018 and January 2019. How much is the rent expense of Mr. Hindu on December 31, 2018?
(a)
The advertising fee to be paid on May 31, 2020 is Php40,000, covering period from May 31, 2020 to March 30, 2021. How much is the prepaid advertising fee on December 31, 2020?
(a)
