Accounting Exam Quiz Reviewer Bachelor of Science in Accountancy PDF

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ACCOUNTING EXAM QUIZ REVIEWERBACHELOR OF SCIENCE IN ACCOUNTANCYFUNDAMENTALS OF ACCOUNTING1 ST YEAR STUDENT Entity A received a 10%, 200,000, one-year, note receiva₱ ble on July 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on July 1, 20x2. What is the ...

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ACCOUNTING EXAM QUIZ REVIEWER BACHELOR OF SCIENCE IN ACCOUNTANCY FUNDAMENTALS OF ACCOUNTING 1ST YEAR STUDENT 1. Entity A received a 10%, ₱200,000, one-year, note receivable on July 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on July 1, 20x2. What is the adjusting entry on December 31, 20x1? Dec. 31, 20x1

Interest receivable 10,000 Interest income 10,000

2. Entity A issued a 12%, ₱200,000, one-year, note payable on November 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on November 1, 20x2. What is the adjusting entry on December 31, 20x1? Dec. 31, Interest Expense Interest 20x1 Payable

4,000 4,000

3. Your business is renting a space. The monthly rental is ₱120,000. On December 31, 20x1, the rent for the months of November and December 20x1 are not yet paid. What is the adjusting entry? Dec. 31, Rent Expense Rent 20x1 Payable

1,200,000 1,200,000

4. A business receives its electricity bill for the period amounting to ₱6,000. What is the entry to record the receipt of the bill prior to its payment? Dec. 31, Utilities Expense Utilities 20x1 Payable

6,000 6,000

5. On January 1, 20x1, your business acquires computer equipment for ₱120,000. You expect to use the computer over the next 3 years. What is the adjusting entry on December 31, 20x1 to take up depreciation expense? Dec. 31, Depreciation Expense 20x1 Accumulated DepreciationEquipment

40,000 40,000

6. Your business has accounts receivable of ₱300,000. You estimated that out of that amount, 10% is doubtful of collection. What is the adjusting entry to record the doubtful accounts? Dec. 31, Bad Debts Expense 20x1 Allowance For Bad Debts

30,00 0

30,000

Use the following information for the next four questions: Your business is renting out properties. On June 1, 20x1, your business receives oneyear advanced rent of ₱360,000 from one of your tenants. The advanced rent covers the months of June 1, 20x1 to May 31, 20x2. 7. What is the journal entry to record the collection on June 1, 20x1 under the liability method? Dec. 31, Cash 20x1 Unearned Rent Revenue

360,000 360,000

8. What is the journal entry to record the collection on June 1, 20x1 under the income method? Dec. 31, Cash 20x1 Rent Income

360,000 360,000

9. What is the adjusting entry on December 31, 20x1 under the liability method? Dec. 31, 20x1

Unearned Rent Revenue Payable Rent Revenue

210,000 210,000

10. What is the adjusting entry on December 31, 20x1 under the income method?

Dec. 31, 20x1

Rent Revenue Unearned Rent Revenue Payable

150,00 0

150,000

Use the following information for the next four questions: Your business pays one-year insurance of ₱360,000 on November 1, 20x1. 11. What is the journal entry to record the prepayment on November 1, 20x1 under the asset method? Nov. 30, 2021 Prepaid Insurance Cash

360,000 360,000

12. What is the journal entry to record the prepayment on November 1, 20x1 under the expense method? Nov. 30, 2021 Insurance Expense Cash

360,000 360,000

13. What is the adjusting entry on December 31, 20x1 under the asset method? Nov. 30, 2021 Insurance Expense Prepaid Insurance

60,000 60,000

14. What is the adjusting entry on December 31, 20x1 under the expense method? Nov. 30, 2021 Prepaid Insurance Insurance Expense

300,000 300,000...