Please help me answer the following:

Note: please include explanation to the answers

1. An entity is a resort located in Boracay. During December 2019, PICPA held an annual conference at the resort. The charges related to the conference totaled P4,000,000, of which 25% had been paid. The entity failed to make the appropriate adjusting entry on December 31, 2019 for the uncollected balance. Which of the following statements is true?

A. Assets are understated by P3,000,000

B. Equity is overstated by P3,000,000

C. Equity is understated by P1,000,000

D. Assets are overstated by P1,000,000

2. Which of the following is not correct about an unadjusted trial balance?

A. It proves that debits and credits of equal amounts are in the ledger.

B. It is the basis for any adjustments to the account balances.

C. It proves that debits and credits w'ere properly entered in the ledger accounts

D. It supplies a listing of open accounts and their balances.

3. Which is not a possible combination of a journal entry?

A.Decrease in equity and increase in liability

B.Decrease liability and decrease in asset

C.Increase in asset and increase in liability

D. Increase in asset and decrease in equity

4. Which statement is not true about accrual and deferral?

A. A deferred income is an amount collected and currently matched with expenses.

B. An accrued income is an amount not collected and currently matched with expenses.

C. An accrued expense is an amount not paid and currently matched with earnings.

D. A prepaid expense is an amount paid and not currently matched with earnings.

5.An entity reported wages expense of P3,500,000 for 2019. The wages payable at the beginning of year amounted to P500,000. Wage payments during the year totaled P3,200,000. The previous year's adjusting entry for unpaid wages was reversed on January 1, 2020. What is the adjusting entry for accrued wages payable on December 31,2019?

A. Debit wages expense and credit wages payable P300,000

B. Debit wages expense and credit wages payable P500,000

C. Debit wages expense and credit wages payable P800,000

D. Debit wages payable and credit wages expense P500,000

6. If an expense has been incurred but not yet recorded, the adjusting entry would involve

A. A liability and an asset

B. A liability and a revenue

C. An asset and a revenue

D. An expense and an asset

7. Which is a logical order in the accounting cycle?

A. Posting, financial statements and unadjusted trial balance

B. Closing entries, reversing entries and adjusting entries

C. Financial statements, closing entries and reversing entries

D. Financial statements, adjusting entries and recording

8. A trial balance may prove that debits and credits are equal, except

A. A transaction could have been entered twice.

B. A transaction could have been omitted.

C. All of these may prove that debits and credits are equal.

D. An amount could be entered in the wrong account.

9. Posting

A. Accumulates the effects of ledger entries and transfers them to the general journal.

B. Is done only for income statement activity because activity related to the statement of financial position does not require posting

C. Is done once every year.

D. Transfers journal entries to the ledger accounts.

10. Reversing entries apply to

A. All adjusting entries

B. All closing entries

C. All deferrals

D. All accruals

11.Adjusting entries that should be reversed include

A. All accrued revenue.

B. Those that debit an asset or credit a liability.

C. All of these adjusting entries require reversal.

D. All accrued expenses.

12. An entity is a resort located in Palawan. The entity collects cash when guests make a reservation. During December 2019, the entity collected P600,000 of cash and recorded the receipt by recognizing unearned revenue. The entity had earned one-third of this amount and the other two-thirds will be earned during January 2020. What is the impact of the adjusting entry on December 31,2019?

A. 200,000 decrease in equity

B. 200,000 decrease in liability

C. 400,000 increase in equity

D. 600,000 increase in asset

13. An entity reported supplies unused at the beginning of the year with a balance of P400,000before the reversing entry. Payments for supplies during the year amounted to P2,500,000 and were recorded as expense. A physical count at the end of year revealed supplies unused costing P500,000. Reversing entries are made by the entity. What is the adjusting entry at year-end?

A. Debit supplies expense and credit supplies unused P 100,000

B. Debit supplies unused and credit supplies expense P100,000

C. Debit supplies expense and credit supplies unused P2,400,000

D. Debit supplies unused and credit supplies expense P500,000

14. The adjusting entry for depreciation has the same effect as the adjusting entry for

A. An accrued revenue

B. A prepaid expense

C.An accrued expense

D. An unearned revenue

15. In recording transactions

A.Assets, expenses and retained earnings are debited for increases

B. The word "debit" means increase and the word "credit" means decrease

C. Assets, revenue and share capital are debited for decreases.

D. Liabilities, revenue and share capital are credited for increases

16. Which closing procedure is unique to a corporation?

A. Close each expense account to the income summary account

B. Close each revenue account to the income summary account

C. Close the drawing account to the capital account

D. Close the income summary account to retained earnings

17.Adjusting entries

A. All of the choices are correct regarding adjusting entries.

B. Are necessary to enable the financial statements to conform with IFRS.

C. Are often prepared after the statement of financial position date, but dated as of the statement of financial position date.

D. Include both accruals and deferrals.

18. The normal balance of an account is on the

A. Side represented by the decrease in the account balance

B. Debit side

C. Credit side

D. Side represented by the increase in the account balance

19. Adjusting entries affect

A.Two nominal accounts

B. Two real accounts

C. One nominal account and one real account.

D. No particular combination of nominal and real accounts

20. A simple journal entry

A. Consists of one debit and two credits

B. Contains more than two accounts

C. Consists of one debit and one credit

D. Consists of two debits and one credit