he following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:

Accounts ReceivableP5,000BuildingP50,000

Sales75,000Service Income10,000

Prepaid Rent6,000Salaries Expense20,000

Adjustment data on April 30:

a)2 % of sales is estimated to be uncollectible.

b)Rent expired, P2,000.

c)Salaries unpaid, P 1,500.

d)Building will be depreciated at 20% per annum, with useful lie of 10 years.

e)Income unearned , P1,000.

Income will be adjusted by

Select one:

a. Service IncomeP 1,000

CashP1,000

b. Unearned Service IncomeP1000

CashP1,000

c. Service IncomeP 1,000

Unearned Service IncomeP1,000

d. Unearned Service IncomeP 1,000

Service IncomeP1,000

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Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Rent Expense

b. Uncollectible Accounts

c. Prepaid Insurance Expense

d. Depreciation

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The following selected accounts are taken from the ledger ofXYX Merchandisingon June 30, 2017:Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.

The day's sales in receivable is

Select one:

a. 48.26 days

b. 34.45 days

c. 39.26 days

d. 41.33 days

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Direct reduction in the selling price of a merchandise to encourage customers to pay on time.

Select one:

a. Profit

b. Revenue and Expense summary

c. Owner's Equity

d. Trade discount

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In a car factory: what is paint in an automobile?

Select one:

a. Direct Materials

b. Selling, General, and Administrative Expenses

c. Factory Overhead

d. Direct Labor

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The costs of completed or finished goods during the period are shown in the ___________section of the income statement.

Select one:

a. Goods in Process or Work in Process

b. Direct materials

c. Raw Materials Purchases

d. Cost of goods manufactured

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Trial balance consisting of all real accounts at the beginning of the next accounting period.

Select one:

a. Permanent accounts

b. Assets, liabilities, Capital

c. Post-closing Trial Balance

d. Decreases Capital

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Salaries of office staff.

Select one:

a. Direct Materials

b. Direct Labor

c. Factory Overhead

d. Selling, General, and Administrative Expenses