Adjusting entry normally involve

The balance in the office supplies account on June 1 was P5,200, supplies purchased during June were P2,500, and the supplies on hand at June 30 were P2,000. The amount to be used for the appropriate adjusting entry is

Which of the following is an example of a prepaid expense?

The unearned rent account has a balance of P40,000. If P3,000 of the P40,000 is unearned at the end of the accounting period, the amount of the adjusting entry is

The worksheet

The supplies account has a balance of P1,000 at the beginning of the year and was debited during the year for P2,800, representing the total of supplies purchased during the year. If P750 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is

Unearned fees appear on the

Which of the following is not among the first five steps in the accounting cycle?

Beginning and ending Accounts Receivable balances were P28,000 and P24,000, respectively. If collections from clients during the period were P80,000, then total services rendered on account were apparently

The financial statements that are prepared for the business are separate and distinct from the owners according to the

The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statements by having

Another term for share premium is ____

What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, P15,500, and unexpired amounts per analysis of policies, P4,500?

6.) This error is committed when figures are interchanged. The effect of this error may overstate or understate the amount of the related transactions.

5.) It means recognizing an incurred and unrecorded expense that remains unpaid because payment is not yet due.

Accounting entries involve a minimum of how many accounts?

Under the accrual basis of accounting, revenues are reported in the accounting period when the

The owner invests personal cash in the business. Assets will

A Bank Loan is classified as a:

Share dividend declaration does not affect shareholders’ equity.

An accounting device used to analyze transactions.

How would an accountant record an increase in sales?

One of the detailed rules used to record business transaction is

Income is measured on the basics of

A collection of all accounts is a ___________

Nominal accounts are related to

Recording of transaction in ledger is called as

Journal is a book of ______entry

Transaction & events not capable of being expressed in terms of money are not to be recorded in accounting due to

Sale of treasury shares always results in an increase in stockholders’ equity.

If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

Financial statements is still the same regardless of using special journal or not

The term “cost of goods manufactured” can be seen in the financial statement of manufacturing and merchandising business but not in service business

The periodic system is used most commonly by companies that sell

Which of the following will not affect the computation of net purchases?

In the adjusted trial balance, the owner's equity account reflects

Failure to adjust the accrued salaries at year end will result in

Posting a P1,205 debit as a credit causes an error that is