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WorksheetsFABM 12-REVIEW JOURNAL TRANSACTIONS OF SERVICING BUSINESS
Total questions: 10
Worksheet time: 6mins
2. A statement that shows the listings of assets, liabilities and equity of an entity
a. Balance sheet
b. Income statement
c. Statement of cash flows
d. Notes to the financial statements
3. Which of the following is true about debits and credits?
a.. Decreases in owner’s equity and drawing are always debited.
b. Increases in owner’s equity and decreases in liabilities are always credited.
c.
Decreases in assets and increases in liabilities are always credited.
d.
Increases in assets and liabilities are always debited.
4. Purchased supplies amounting to P18,000 in cash.
a. Debit Merchandise inventory 18, 000; Credit Cash 18, 000
b. Debit Merchandise Inventory Cash 18,000; Credit Accounts Payable 18, 000
c. Debit Supplies 18, 000; Credit Cash 18,000
d. Debit Supplies 18, 000; Credit Accounts Payable 18, 000
5. Paid the telephone bill for February amounting to P3,000.
a. Debit Utilities Expense 3000; Credit Cash 3000
b. Debit Utilities 3000; Credit Accounts Payable 3000
c. Debit Expense 3000; Credit Cash 3000
d. (No entry; telephone expenses will be recognized in the recording of adjusting journal entries later.)
6. Rendered services to customers billed for P30,000.
a. Debit Cash 30,000; Credit Accounts Payable 30,000
b. Debit Cash 30,000; Credit Accounts Receivable 30,000
c. Debit Service Revenue 30,000; Credit Accounts Receivable 30,000
d. Debit Accounts Receivable 30,000; Credit Service Revenue 30,000
7. Which of the following would appear in an income statement?
a.
Expenses that are paid
b.
Expenses not yet paid
c.
Cash payments for expenses
d.
Expenses whether paid or not
8. Received P35,000 cash from customers in payment of their account
Debit Accounts Payable 35,000; Credit Cash 35,000
Debit Cash 35,000: Credit Accounts Receivable 35,000
Debit Accounts Receivable 35,000; Credit Cash 35,000
Debit Cash 35,000; Credit Accounts Payable 35,000
9. Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of 2,500 thereafter.
Debit Accounts Payable 32,500; Credit Equipment 32,500
Debit Equipment 2,500; Credit Accounts Payable 2,500
Debit Equipment 32,500; Credit Accounts Payable 32,500
Debit Cash 2,500; Credit Equipment 2,500
10. Cash payment of P15,000 for the salary of an employee.
(a)
1. Investment of P150,000 cash fund by Mr. Fabella into the business.
a. Debit Cash 150, 000; Credit Capital 150, 000
b. Debit Investment 150, 000; Credit Cash 150, 000
c. Debit Cash 150, 000; Credit Fabella, Capital 150, 000
