Question 19 If an expense has been incurred but not yet paid, the adjusting entry would involve, (A) a debit to an expense account Ba debit to a liability account C) a credit to an asset account a credit to a revenue account 1 Point Question 20 1 Point At the start of the year, ABM company bought supplies for their operations. Upon examining the books of accounts, an adjusting entry of a credit to supplies was made by the accounting officer. The method used by the accounting officer is? A Asset Method B Liability Method Revenue Method D Expense Method Question 21 1 Point At the start of the year, Merida company bought supplies for their operations. Upon examining the books of accounts, an initial entry of a debit to supplies expense was made by the accounting officer. The method used by the accounting officer is? A Asset Method B) Liability Method Question 25 Revenue Method Question 24 Whic Expense Method Question 22 On February 1, Winston bought insurance transaction. Entry to recorded the adjustir Credit Prepaid Insurance Debit Prepaid Insurance (C) Debit Insurance Expense No adjusting entry Question 23 Depreciable cost equals: Cost less accumulated depreciation Carrying value less residual value Cost less residual value Carrying value less accumulated depreciation 1 Point Accounts receivable at the beginning of the year amounted to P500,000. During the year, P3,000,000 worth of services were rendered and P2,700,000 cash were received from customers. Uncollectibility rate is 1.5% of adjusted accounts receivable. How much is adjusted allowance for bad debts? P12,000 B) P7,500 (C) P3,000 (D) None of the choices are correct 1 Point 1 Point