Bonifacio co pays cash for three months of rent in

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4.Bonifacio Co. pays cash for three months of rent in advance, at a rate of P50,000 permonth. The balance of the Prepaid Rent account two months later would bea.P25,000b.P50,000c.P100,000d.P150,000
5.Prepaid Insurance account had a beginning balance of P45,000. At the end of theaccounting period, it had a balance of P9,000. Accumulated Depreciation had abeginning balance of P30,000 and an end-of-period balance of P45,000. The change in
the account balances of these two accounts resulted in total expenses changing by a(an)
6.Carlos Company paid four month rent on August 1 and debited Rent Expense forP80,000. On August 31, Carlos should
7.Dagohoy Organizers purchased an equipment costing P100,000 on July 1, 2021. Theequipment has an estimated useful life of 10 years with an estimated residual value ofP10,000. The balance of Accumulated Depreciation account on December 31, 2022 is
8.The Unearned Service Revenue account shows an adjusted end-of-year balance ofP300,000. The adjusting entry to Unearned Service Revenue indicated P400,000 inservice revenue was earned during the accounting period. What was the balance of theUnearned Service Revenue account before the adjusting entry was recorded?a.P100,000 creditb.P100,000 debitc.P700,000 creditd.P700,000 debit
9.Esteves Company has a P180,000, 10%, 90-day note receivable outstanding atDecember 31. The note is dated December 1, 2021. The appropriate adjusting entry ismade to record accrued interest on the note at year-end. What is the correct reversingentry on January 1 of the following year?

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, Double entry bookkeeping system

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