On august 1 2010 the gabriel company prepaid p36000

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14. On August 1, 2010, the Gabriel Company prepaid P36,000 for a one-year insurancepolicy. Gabriel debited Insurance Expense and credited Cash for P36,000.If adjusting entries are recorded annually, the appropriate adjusting entry at December 31,2010 isa. A debit to Prepaid Insurance and a credit to Insurance Expense fo P15,000b. A debit to Insurance Expense and a credit to Prepaid Insurance for P15,000c. A debit to Prepaid Insurance and a credit to Insurance Expense fo P21,000d. A debit to Insurance Expense and a credit to Prepaid Insurance for P21,000
15. Using the information in No. 14 and assuming that Gabriel Company preparesreversing entries, what is the correct reversing entry on January 1, 2011?
16. Jacinto Company has a beginning inventory of P600,000 and ending inventory ofP700,000. Under the periodic inventory system, the Inventory account at the end of theperiod would have the following balances, respectively, before and after adjusting andclosing entries.
17. Prepaid Insurance has an ending balance of P46,000. During the period, insurancepremium in the amount of P24,000 expired. The adjusting entry would contain a debit to
18. A business received cash for P300,000 in advance for service that will be providedlater. The cash receipt was recorded by a debit to Cash and a credit to Unearned Revenuefor P300,000. At the end of the period, P110,000 is still unearned. The appropriateadjusting entry isa. Debit Unearned Income and credit Income for P190,000b. Debit Unearned Income and credit Income for P110,000c. Debit Income and credit Unearned Income for P190,000d. Debit Income and credit Unearned Income for P110,000
19. The adjusted trial balance of BLP Company shows the following balances:DebitCreditCashP500,000Accounts Receivable100,000Furnitures and Fixtures150,000Accumulated DepreciationP40,000Accounts Payable50,000Pelejo, Capital250,000Pelejo, Drawing50,000Service Fee630,000Salary Expense100,000Depreciation Expense40,000Miscellaneous Expense30,000P970,000P970,000How much is the profit and the total assets of the company?

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Term
Spring
Professor
mr.arnoldcolle
Tags
Generally Accepted Accounting Principles, Prepaid Insurance, c Debit Supplies, A Debit Supplies, Professor

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