Reference no: EM133106910

Questions -

Q1. Cash transactions of Noventa Company for December are listed below: Investment added in the books P70,000 Paid monthly rent expense P20,000 Income for the month P150,000 Monthly insurance paid P30,000 Cost of bought furniture and fixtures P58,000 Collections for December P10,500 Ending cash balance for November 30 is P35,000. How much is the December 31 ending cash balance?

Q2. The total sales is P1,000,000. The sales on cash basis amounted to P400,000. The policy of the business is to provide 1% of credit sales as bad debts expense. The bad debts expense is?

Q3. On September 1, 200A, X Co. issued a 6-month note to a supplier amounting to P300,000, 12% interest. Also, there was an unpaid and unrecorded salaries at the end of the year dated December 31, 200A amounting to P25,000. Give the adjusting entry for the accrued interest expense.

Q4. M Servicing acquired P3,000 worth of supplies on account. The business used P2,000 supplies for rendering service to client. The client was billed for P30,000 of which P20,000 was collected. The net effect of change in owner's capital is?

Q5. The total assets of the business amount to P210,000. The claim of the owner is 1/3 of the total assets. The working capital during the year is P40,000. The liabilities falling due within 12 months is P70,000. The amount of owner's capital is?

Q6. X Co. acquires building on January 1, 200A at a cost of P5,500,000. The building has an estimated useful life of 40 years and an estimated salvage value of P500,000. Record the provision for depreciation for the year 200A.

Q7. M Servicing acquired P3,000 worth of supplies on account. The business used P2,000 supplies for rendering service to client. The client was billed for P30,000 of which P20,000 was collected. The net effect of change in asset is?

Q8. Atty. Pata registered a sole proprietorship business as a lawyer under the name PATA LAW OFFICE. He experienced the following events during the organizing phase of his business in its first month of operations. 1 Sold his personal car for P500,000 3 Purchased furniture for his law office, P100,000, paying P40,000 and balance on account. 6 Deposited the net proceeds from sale of SMC shares (shares of stock that is a conjugal investment with his wife) in their joint account of his wife after paying the P40,000 furniture account on balance. 15 Hired office secretary with a salary of P8,000 per month. Bought office supplies P2,000. What are the transactions that are personal?

Q9. On September 1, 200A, X Co. issued a 6-month note to a supplier amounting to P300,000, 12% interest. Also, there was an unpaid and unrecorded salaries at the end of the year dated December 31, 200A amounting to P25,000. Give the adjusting entry for the accrued salaries expense.

Q10. The precollection is P600. This is applicable for a six-month rental period ending January 31, 200B. the Statement of Financial Position to be prepared is dated December 31, 200A. If the pre-collection was recorded under the SCI Method, the liability to be recorded would be?

Q11. The precollection is P600. This is applicable for a six-month rental period ending January 31, 200B. the Statement of Financial Position to be prepared is dated December 31, 200A. If the pre-collection was recorded under the SCI Method, the liability to be recorded would be?

Q12. On October 1, 200A, X Co. received a 5-month note from a customer amounting to P500,000, 10% interest. Record the adjusting entry as of December 31, 200A.

Q13. The prepaid rent is P12,000 good for three months starting November 30, 200A. The Statement of Financial Position date is December 31, 200A. The prepayment was recorded under asset method. The correct rent expense for the given period would be?

Q14. On October 1, 200A, X Co. received a 5-month note from a customer amounting to P500,000, 10% interest. What is the payable interest income to X Co.?

Q15. The beginning balance of unused supplies is P500. During the period, the total purchase of supplies amounted to P2,000 which was initially recorded as asset. At the end of the period, the actual unused supplies are P200. The supplies expense to be reported for the period is?