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16. Chris Company purchased equipment on November 1, 2016, by giving its supplier a 12-month, 9 percent note with a face value of P 48,000. The December 31, 2016 adjusting entry is * (1 Point) Debit Interest Expense and credit Interest Payable, P 4,320 Debit Interest Expense and credit Cash, P 720 Debit Interest Expense and credit Interest Payable, P 720 Debit Interest Expense and credit Interest payable, P 1080 17. At the date of purchase of a service which is not immediately used up, the cost of such unused service is a(n): (1 Point) Liability Revenue Asset Expense 18. Chris Company had total assets of P 20,000,000 and shareholder's equity of P 15,000,000 on January 1. During the year, assets increased by P 3,000,000 and liabilities decreased by P 1,000,000. Tung Company should report what amount of shareholder's equity on December 31? * (1 Point) O P 17,000,000 O P 16,000,000 O P 18,000,000 OP 19,000,000 19. These are expenses paid in advance.* (1 Point) none of the above accrued expense prepaid expense O deferred expense 20. Recording revenue earned from a customer, but not yet collected, is an example of: * (1 Point) O A prepaid expense transaction An accrued receivable transaction, O An accrued liability transaction, hogy O An unearned revenue dansaction