Good day, I need help with the following multiple questions. Thank you in advance. PART 1

PART 2

PART 3

PART 4

8. Reynante Rivera Company bought equipment on January 3 of this year for P100,000. At the time of the purchase, the equipment was estimated to have a useful life of nine years and a trade-in of P10,000 at the end of nine years. Using the straight-line method, the amount of one year's depreciation is a. P12,220 b. P90,000 c. P10,000 d. P20,000 e. P11,110 9. The balance in the Prepaid Insurance account before adjustment at the end of the year is P7,200, which represents twelve months' Insurance purchased on December 1. The adjusting entry required on Dec. 31, 2018 is a. debit Prepaid Insurance , P7,200; credit Insurance Expense, P7,200 b. debit Insurance Expense, P600; credit Insurance Payable, P600 c. debit Insurance Expense, P6,600; credit Prepaid Insurance, P6,600 d. debit Prepaid Insurance, P600; credit Insurance Expense, P600 e. debit, Insurance Expense, P600; credit Prepaid Insurance, P600 10. Failure to record the entry for accrued salaries results in a. salaries expense being understated d. profit being overstated b. total assets being understated e. salaries payable being overstated c. total assets being overstated 11. If an accountant fails to make and adjusting entry at the end of the fiscal period to record prepaid insurance, the omission will cause a. liabilities to be overstated d. total revenue to be understated b. liabilities to be understated e. total assets to be understated c. total expenses to be understated 12. The entry to record expired insurance is omitted. This theory causes a. an increase in liabilities d. liabilities to be overstated b.expenses to be overstated e. assets to be overstated c. liabilities to be understated 13. An adjusting entry must contain a. two income statement accounts d. an asset account and an expense account b. two balance sheet accounts e. an asset account and a liability account c. a balance sheet account and an income statement account 14. A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If the fiscal period ends on Wednesday, the adjusting entry is a. debit Withdrawals, P120,000; credit Salaries Payable, P120,000 b. debit Salaries Payable, P120,000; credit Salaries Expense, P120,000 c. debit Salaries Expense, P120,000; credit Salaries Payable, P120,000 d. debit Salaries Expense, P120,000; credit Withdrawals P120,000 2. The journal entry to record an accrued expense results in which of the following types of accounts being debited and credited? a. asset and liability c. expense and liability b. expense and asset d. asset and income 3. The journal entry to record an accrued revenue results in which of the following types of accounts being debited and credited? a. asset and liability c. expense and liability b. asset and income d. expense and asset 4. Which of the following is an example of an adjusting entry? a. recording depreciation expense truck b. recording the payment of salaries to employees c. recording the purchase of supplies on account d. recording the billing of customers for services rendered 6. The word accrued implies which of the following? a. Money has not been paid or received but the service has already been performed or rendered. b. Money has been paid and the service has been provided. c. Money has been paid for a service to be performed during the next period d. Money has been paid but no services have been provided. 7. An adjusting entry to accrue salaried incurred but not yet paid is an example of a. reflecting unrecorded revenues earned during the accounting period. b. reflecting unrecorded expenses incurred the accounting period. c. aligning recorded revenues earned with appropriate accounting periods. d. aligning recorded costs with appropriate accounting period 8. A law firm began November with office supplies of P16,000. During the month, the firm purchased supplies of P29,000. On November 30, supplies on hand totaled P21,000. Supplies expense for the period is a. P45,000 b. P29,000 c. P24,000 d. P21,000 9. Adjusting entries involve a. at least one real and one normal account b. only nominal account c. only real accounts d. only capital accounts. 10. The decrease in usefulness of property and equipment as time passes is called a. contra asset b. depreciation c. consumption d. deterioration 11. The broad classification of adjusting entries are a. accruals and closing c. closing and trials b. trials and deferrals d. accrual and deferrals 12. A prepaid expense is not an a. economic resource b. unexpired cost c. asset d. expired cost 13. Under the revenue recognition principle, revenue is recorded a. after it has been earned, but not before. c. at the end of the accounting period. b.at the latest acceptable time. d. at the earliest acceptable time. 14. The amount of accrued but unpaid expenses at the end of the period is both an expense and a.an asset b. an income c. a deferral d. a liability 15. From the viewpoint of the firm receiving the cash, an item that represents services that have been paid for by the customer, but have not yet been provided to that customer by the firm which received the cash, is called a.an unearned revenue. c. an accrued expense. b. an accrued revenue. d. a prepaid expense. 16. The adjusting entry to accrue salaries expense a. debits salaries expense and credits salaries payable. b. debits salaries payable and credits salaries expense. c. debits salaries payable and credits cash. d. debits salaries expense and credits cash. 17. A business received cash of P30,000 in advance for revenue that will be earned later. The receipt entry debited cash and credited unearned revenues for P30,000. At the end of the period, P11,000 is still unearned. The adjusting entry for this situation will a. debit revenues and credit unearned revenues for P19,000. b. debit revenues and credit unearned revenues for P11,000. c. debit unearned revenues and credit revenues for P11,000. d. debit unearned revenues and credit revenues for P19,000. 18. If a P2,500 adjustment for depreciation is omitted, which of the following financial statement errors will occur? a. profit will be understated c. expenses will be overstated b. assets will be understated d. owner's equity will be overstated 19. Accrued expenses a. increase assets b. decrease assets. c. increase liabilities. d. decrease liabilities. 20. Accrued revenues a. increase liabilities b. decrease liabilities c. increase assets d. decrease assets. 21. An item that represents services provided by a firm for which it will receive payment in the future is called a. a prepaid expense. c. an unearned revenue. b. an accrued expense. d. an accrued revenue. 22. An item that represents services that have been paid for by a firm, but which have not yet been receive by that firm is called a. an accrued revenue. c. a prepaid expense. b. an unearned revenue. d. an accrued expense