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please answer all the questions immediately thankyou 21. Given the following data: AR, beg. Services rendered for the current year on account % of collectible
please answer all the questions immediately thankyou
21. Given the following data: AR, beg. Services rendered for the current year on account % of collectible Allowance for doubtful accounts, beg. Collection, current year 20,000 100,000 98% 400 50,000 Compute the doqbtful accounts expense. (1 Point) 1000 0 600 0 1400 400 22. Assume that the entity prepares statements and adjusting entries only once each year. The accountant of Chris Company made the following adjusting entry on December 31. Prepaid Rent Rent Expense P 1,800 P 1,800 If annual rent is paid in advance every October 1. The original transactions entry made was (1 Point) Debit Rent Expense died credit Cash P 2.400 Debit Rent Expense and credit Cash P 1,800 Debit Prepaid Rent and credit Cash P 1.800 Debit Rent Expense and credit Cash P 7200 23. Which of the following is subject to reversing entries? O (1 Point) O Prepaid expenses under asset method Accrued income O Accrued expenses Deferred income under liability method 24. The accountant of Chris Company made the following adjusting entry on December 31. P 900 Rent Income Unearned Rent Income P 900 If annual rent is received in advance every March 1. The original transaction entry made was (1 Point) Debit Rent Income and lyredit Cash, P 5.400 Debit Cash and credit Rent Income. P 5,400 Debit Cash and credit Rent Income. P 900 Debit Cash and credit to Unearned Rent Income. P 900 25. Comparison of the balance sheet of De Guzman and Associates at the end of 2016 with its balance sheet at the end of 2015 showed a decrease in total assets of P 69,000 and owner's equity by P 15,000. The change in liabilities during the year was (1 Point) Increase of P 84,000 O Decrease of P 54,000 O Decrease of P 84.000 O Increase of P 54,000Step by Step Solution
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