Reference no: EM132789599
The trial balance for patrocinio Abad Claims Adjuster appears as follows:
Patrocinio Abad Claims Adjuster
Trial Balance
Dec. 31. 2019
Cash P 20,000
Accounts Receivable 50,000
Prepaid Insurance 5,000
Supplies 15,000
Office Equipment 40,000
Accumulated Depreciation-
Office Equipment P 20,000
Accounts Payable 30,000
Abad, Capital 60,000
Service Revenues 50,000
Salaries Expense 10,000
Rent Expense 20,000
P160,0000 P160,000
Problem 1: If on Dec. 31. 2019, supplies on hand were P2,000, the adjusting entry would contain a
a.credit to Supplies Expense for P13,000.
b. credit to Supplies for P2,000.
C.debit to Supplies Expense for P13,000.
d. debit to Supplies. for P2,000.
Problem 2: If Don Dec. 31. 2019, the insurance still unexpired amounted to P2,000, the adjusting entry would contain a
a. credit to Prepaid Insurance for P2,000.
b.Credit to Prepaid Insurance for P3,000.
c.debit to Insurance Expense for P2,000
d.debit to Prepaid Insurance for P3,000.
Problem 3: If the estimated depreciation for office equipment were P20,000, the adjusting entry would contain a
a.Credit to Accumulated Depreciation-Office Equipment for P20,000.
b. Credit to Depreciation Expense-Office Equipment for P20,000.
c. Credit to Office Equipment for P20,000.
d. debit to Accumulated Depreciation-Office Equipment for P20,000.
Problem 4: If as of Dec. 31. 2019 the rent of P10,000 for December hiad not been recorded or paid, the adjusting entry would include a
a. credit to Accumulated Rent for P10,000.
b. credit to Cash for P10,000.
C. debit to Rent Expense for P10,000.
d. debit to Rent Payable for P10,000.
Problem 5: If services totaling P12,500 had been performed but not yet billed, entry to record this would include a d, the adjusting
a. credit to Service Revenues for P12,500.
b. credit to Service Revenues for P62,500.
C. credit to Unearned ervice Revenues for P12,500.
d. debit to Service Revenues for P12,500.