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SECTION: PROFESSOR: Multiple Choice 1. Which of the following is an example of an adjusting entry? a. Recording the purchase of supplies on account b. Recording depreciation expense on a truck c. Recording the billing of customers for services rendered d. Recording the payment of wages to employees 2. An adjusting entry to record utilities used during a month for which no bill has yet been received is an example of a. allocating assets to expense to reflect the actual operating expenses incurred during the accounting period. b. allocating revenues received in advance to revenue to reflect actual revenues earned during the accounting period. c. accruing expenses to reflect expenses incurred during the accounting period that are not yet paid or recorded. d. accruing revenues to reflect revenues earned during the accounting period that are not yet received or recorded. 204 IF 3. The ending balance of the Accounts Receivable account was P120,000. Services billed to customers for the period were P215,000 and collections on account from customers were P236,000. What was the beginning balance of Accounts Receivable? a. P335,000 b. P141,000 C.P99,000 d. P331,000 4. On Jan. 2020, a P140,000 check was paid for rental expense of fourteen months. The amount was recorded in the rent expense account. How much is the rent expense incurred for the year ended Dec 31, 2020? a. P10,000 b. P20,000 C. P120,000 d. P140,000 198 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada 5. On Nov. 2019, five months of insurance amounting to P125,000 were paid for the period from Nov. 1, 2019 to Mar. 31, 2020. The amount was debited to the insurance expense account. How much was the insurance expense incurred for the year ended Dec. 31, 2019 if there was no balance in the insurance expense account? a. P25,000 b. P50,000 C. P75,000 d. P125,000 6. For the year ended Mar. 31, 2020, a business that offers yoga lessons received P14,000 in yoga fees, which was recorded in the yoga fee revenue account. The amount included P3,500 for Apr. 2020 lesson. Assuming there are no other transactions relating to yoga fee revenue during the financial year, how much is the yoga fee earned for the year ended Mar. 31, 2020? a. P3,500 b. P10,500 C. P14,000 d. P17,500 7. An amount of P235,000 was received in 2020 and recorded in the commission income account. It was discovered that an additional commission income of P47,000 was not received yet as at Dec. 31, 2020. How much is the commission earned for the year ended Dec. 31, 2020? a. P47,000 6 P188,000 C. IP235,000 d. P282,000 SECTION: PROFESSOR: 1 1 1 1 Multiple Choice 1. Which of the following is an example of an accrual? a. Payment of two years' insurance in advance (b. Salaries incurred but not yet paid C. The purchase of office supplies d. Tuition revenue collected in advance 2. An adjusted trial balance is prepared to a. both test that the ledger is still in balance after the accounts have been adjusted and facilitate preparation of the financial statements. b. facilitate preparation of the adjusting entries. c. facilitate preparation of the financial statements. d. test that the ledger is still in balance after the accounts have been adjusted. 3. Which of the following accounts would normally be found on the credit side of the adjusted trial balance? a.Accumulated Depreciation-Equipment b. Depreciation Expense-Equipment c. Janet Matuguinas, Withdrawals d. Prepaid Insurance 4. Which of the following is not an application of accrual accounting? a. Adjusting unearned advertising revenues to the proper balance at the end of the month b. Recording advertising revenues at the time the cash payment is received C. Recording advertising revenues at the time the work is done d. Recording telephone expense when the monthly bill is received 5. Which of the following accounts is an income statement account? a. Accounts Receivable b. Owner's Capital Salaries Expense d. Salaries Payable