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adjusting entries quizzer

The document presents a series of accounting problems related to asset and equity calculations, adjusting entries for rent and insurance, and determining expenses from financial statements. It includes multiple-choice questions for each scenario, requiring the reader to apply accounting principles to find the correct answers. The problems cover various aspects of accounting, including equity changes, adjusting entries, and expense calculations.

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ebyisidro1956
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22 views2 pages

adjusting entries quizzer

The document presents a series of accounting problems related to asset and equity calculations, adjusting entries for rent and insurance, and determining expenses from financial statements. It includes multiple-choice questions for each scenario, requiring the reader to apply accounting principles to find the correct answers. The problems cover various aspects of accounting, including equity changes, adjusting entries, and expense calculations.

Uploaded by

ebyisidro1956
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

Adam Company had total assets of P4,000,000 and shareholders’ equity of P2,080,000 at the
beginning of the year. During the year, assets increased by P520,000 and liabilities decreased by
P820,000. What was the shareholders’ equity at the end of the year?
A. 3,420,000 B. 3,700,000 C. 3,380,000 D. 1,340,000

2. The assets of AH Company amounted to P70,000 on January 1, but increased by P80,000 by


December 31. During this same period liabilities decreased to P20,000. The owner’s equity on
January 1, amounted to P35,000. The amount of owner’s equity at December 31 is
A. 60,000 B. 65,000 C. 130,000 D. 135,000

3. The accounts in the ledger of AJ Company contain the following balances at end of the year:
Accounts receivable, P30,240; Cash, P50,985; Delivery equipment, P172,760; Gas and oil expense,
P2,650; Insurance expense, P1,830; Notes payable, P64,575; Prepaid insurance, P6,880; Repair
expense, P3,360; Service revenue, P37,130; AJ drawing, P2,450; AJ capital (beg), P156,290;
Salaries expense, P15,490; Salaries payable, P2,850. Assuming no error committed during the
fiscal period, the balance of Accounts payable is
A. 20,900 B. 23,800 C. 25,800 D. 31,500

1. JK Company received P45,600 on May 1, 2013 for one year's rent in advance and recorded the
transaction with a credit to a real account. The December 31, 2013 adjusting entry is
A. Dr Rent revenue 30,400 B. Dr Rent revenue 15,200
Cr Unearned rent 30,400 Cr Unearned rent 15,200

C. Dr Unearned rent; 30,400 D. Dr Unearned rent 15,200


Cr Rent revenue, 30,400 Cr Rent revenue 15,200

2. KL Company paid P110,400 on June 1, 2013 for a two-year insurance policy and recorded the
entire amount as a real account The December 31, 2013 adjusting entry is
A. Dr Insurance expense 78,200
Cr Prepaid insurance 78,200
B. Dr. Prepaid insurance 78,200
Cr. Insurance expense 78,200
C. Dr Insurance expense 32,200
Cr Prepaid insurance 32,200
D. Dr. Prepaid insurance 23,000
Cr Insurance expense 23,000

3. The Supplies on hand account balance at the beginning of the period was P6,600. Supplies
totalling P12,825 were purchased during the period and debited to Supplies on hand. A physical
count shows P3,825 of Supplies were on hand at the end of the period. The appropriate adjusting
entry at the end of the period
A. Dr Supplies on hand 15,600
Cr Supplies exp 15,600
B. Dr. Supplies exp 15,600
Cr Supplies on hand 15,600
C. Dr Supplies on hand 3,825
Cr Supplies exp 3,825
D. Dr. Supplies exp 3,825
Cr Supplies on hand 3,825

XS Company paid or collected during 2013 the following items:


Insurance premiums paid P25,450;
Interest collected P53,750;
Salaries paid P 116,300
The following balances have been excerpted from Ina Company’s balance sheets:
December 31, 2012 December 31, 2013
Prepaid insurance P 2,400 P 1,700
Interest receivable 4,700 3,200
Salaries payable 12,300 10,600
1. The insurance expense on the income statement for 2013 was
A. 25,450 B. 26,150 C. 24,750 D. 23,750

2. The interest revenue on the income statement for 2013 was


A. 53,750 B. 55,250 C. 52,250 D. 50,550
3. The salary expense on the income statement for 2013 was
A. 116,300 B. 118,000 C. 114,600 D. 105,700

4. For the year 2011, P 1,100,000 of wages expense was reported in the income statement. The
previous year’s statement of financial position reported P 100,000 of wages payable. An analysis of
the payroll records showed wages payments during the year of P950,000. If the previous year’s
adjusting entry for the unpaid wages was reversed on January 1, 2011, what is the amount of the
adjusting entry for accrued wages payable on December 31, 2011?
A. 250,000 B. 400,000 C. 150,000 D. 850,000

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