2nd Tri Midterm Exam v2

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2nd Term., A.Y. 2018 - 2019

BAINTE1X / BBINTABX
MIDTERM DEPARTMENTAL EXAMINATION
NAME: (surname first)________________________________ SCORE: __________________

YR./ SEC.: _________________ DATE: ___________________
GENERAL DIRECTION: You are given two part examination, Part I – Theories (1pt each) and Part II
Problem Solving – (1pt each). Read and analyze the following questions and choose the best answer by
shading the letter of your choice in your answer sheet. STRICTLY NO ERASURES ARE ALLOWED.
PART I: THEORIES
1. An Italian mathematician, Franciscan Friar, collaborator with Leonardo da Vinci, and considered
as the father of accounting
a. Lodovico Ferrari
b. Bonaventura Cavalieri
c. Luca Pacioli
d. Evangelista Torricelli
2. Which of the following is the best description of “reliability” in relation to information in financial
statement?
a. Influence on the economic decisions of users
b. Inclusion of a degree of caution
c. Freedom from material error
d. Comprehensibility to users
3. Which of the following is a disadvantage of putting up a Sole Proprietor?

a. Abuse of power by the Board of Directors could certainly affect the welfare of the corporation
and its shareholders
b. Difficult to expand the business and sell different products or services because of low capital
and only one owner-manager.
c. Ease in formation since only a minimum requirement to legally operate is needed.
d. Partners, like sole proprietors, have unlimited liability.
4. It is the art of recording, classifying and summarizing in a significant manner and in terms of
money, transactions and events which are in part at least of financial character and interpreting
the results thereof.
a. Bookkeeping
b. Auditing
c. Management Consultancy
d. Accounting
5. What is the law regulating the practice of accountancy in the Philippines?

a. RA No. 9298
b. RA No. 9198
c. RA No. 9928
d. RA No. 9892
Prepared by: Reviewed by: Approved by:
Ma. Cecilia Emilia A. Lambino, CPA Janus Aries Simbillo, CPA, MBA Dr. Gualberto Magdaraog Jr., CPA
Faculty, College of Business and Accountancy Vice- Chair, Accountancy - CBA Chair, Accountancy - CBA
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6. Which of the following statements best describes generally accepted accounting principles?
a. They have been formulated in the public sector.
b. They have been developed on the basis of such factors as usage and practical necessity.
c. They are the same as laws within our legal system.
d. They do not apply to small entities.
7. It is the exercise of care and caution in dealing with uncertainties in measurement so as not to
overstate assets and income and not to understate liabilities and expenses.
a. Completeness
b. Prudence
c. Faithful representation
d. Neutrality
8. It is a career field in accounting where more accountants are employed than in public accounting
because of huge number of merchandising, manufacturing, or service firms. They are employed
as financial accountant, controller, budget officer, internal auditor, electronic data processing head
or cost accountant.
a. Public Accounting
b. Industry Accounting
c. Government and Not for Profit Accounting
d. Research and Education
9. The owner of the grocery store took home a loaf of bread and a bottle of milk from the grocery’s
shelf was not recorded by the accountant. This
a. Is not a business transaction
b. Will understate the assets of the business
c. Will understate assets and owner’s equity
d. Will overstate assets and owner’s equity
10. Identify which statement does not correctly describe the Net Income:
a. It appears in the income statement
b. It appears in the statement of owner’s equity
c. It affects the statement of financial position
d. It is the excess of the Expenses over revenues
11. It is a list of accounts with ledger balances. Assets, owner’s drawing and expenses have normal
balances on the debit side while liabilities, owner’s capital and revenue have normal balances on
the credit side.
a. Trial Balance
b. Chart of Accounts
c. General Journal
d. Balance Sheet
12. First Statement: Transposition is an error wherein the decimal point is misplaced.
Second Statement: Transplacement is an error wherein the order of the digits are interchanged.
a. Only first statement is correct.
b. Only second statement is correct.
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c. Both statements are correct.

d. Both statements are false.
13. Select the accounting cycle that describes the correct sequence of accounting cycle.
a. Gather documents → Analyze and Record → Post to the ledger → Prepare T-Balance →
Prepare Worksheet → Journalize and post adjusting entries → Prepare Financial
Statements → Prepare an adjusted T-Balance → Prepare Closing entries → Prepare post-
closing T-Balance → Journalize and Post reversing entries
b. Analyze and Record → Gather documents → Post to the ledger → Prepare T-Balance →
Prepare Worksheet → Journalize and post adjusting entries → Prepare Financial
Statements → Prepare an adjusted T-Balance → Prepare Closing entries → Prepare post-
c. Gather documents → Analyze and Record → Post to the ledger → Prepare T-Balance →
Prepare Worksheet → Journalize and post adjusting entries → Prepare an adjusted T-
Balance → Prepare Closing entries → Prepare post-closing T-Balance → Journalize and
Post reversing entries → Prepare Financial Statements
d. Gather documents → Analyze and Record → Post to the ledger → Prepare T-Balance →
Prepare Worksheet → Journalize and post adjusting entries → Prepare an adjusted T-
Balance → Prepare Financial Statements → Prepare Closing entries → Prepare post-
14. First Statement:: Depreciation Expense and Accumulated Depreciation are treated and reported
the same. These accounts can be used interchangeably.
Second Statement: Bad debts expense account is recorded in income statement, whereas
Allowance for Bad debts account is recorded in Balance Sheet as a contra asset account in
Accounts Receivable.
a. True, True
b. True, False
c. False, True
d. False, False
15. Only one of the following statement is true:

a. Only nominal accounts are contained in an adjusted trial balance
b. The accrual principle records revenue only when cash is received and records expenses
only when cash is paid
c. The post closing trial balance provides the basis for the preparation of financial statements
d. The worksheet is prepared at the end of accounting period to work out the adjustments
16. These are the accounts that must always be closed every accounting period.
a. Revenues
b. Expenses
c. Owner’s Drawing
d. All of the above
Page 4 of 16
17. Which of the following is not part of the cost of inventory purchased?
a. freight in
b. freight out
c. Insurance that is shouldered by the buyer
d. Taxes and custom duties paid on the goods purchased
18. Which of the following is not a characteristic of the periodic system?

a. Merchandise inventory, beginning is a nominal account.
b. Inventory records are always up to date.
c. Purchases are recorded by debiting purchases at cost.
d. Cost of goods sold is computed at the end of the period.
19. The accountant failed to record a purchase that was made in 2017. What are the effects of this
omission on the amount of purchases, cost of sales and gross profit of 2017?
a. Understated, understated, understated, respectively
b. Understated, understated, overstated, respectively
c. Overstated, overstated, understated, respectively
d. Overstated, overstated, overstated, respectively
20. The accountant erroneously recorded a charge sale as a cash sale. Which of the statements is
wrong, assuming that the business uses a periodic system?
a. The cash balance is overstated.
b. The total of the current assets is understated.
c. Net working capital is not affected.
d. The net income is not affected.
PART I: PROBLEMS
Data for 21-23

Because of heavy rain and severe flood, SMH Company losses some of their documents for 3
years. Help her to find the missing amounts:
Year 1 Year 2 Year 3

Income(revenues and gains) P978,000 P825,444 P?
Expenses and loss 722,500 ? 356,890
Net income(loss) ? 98,011 (44,508)
21. Net Income for year 1:

a. P1,700,500
b. P255,500
c. (P255,500)
d. P978,000
22. Expenses for year 2:
Page 5 of 16
a. P825,444
b. P978,000
c. P923,455
d. P727,433
23. Income for year 3:

a. P312,382
b. P401,398
c. P356,890
d. P445,906
Data for 24-26

Determine the total effect to the Assets, Liabilities and Owner’s equity of transactions of Shookt
Enterprise:
Transactions Assets Liabilities Owner’s Equity
a.) Wilson received a retirement pat of Php 3,000,000 cash
and invested half of this to put up his business.
b.) From the remaining pension of Php 500,000, he got a car
for his own use, Php 750,000 and issued a note for the
balance.
c.) He hired a cook, a cashier and a server for a monthly
salary of Php 5,000 each worker.
d.) He bought cooking equipment and paid Php 350,000.
e.) He bought office equipment form Da Best for Php
125,000 on credit.
f.) He paid half of the account due to Da Best.
g.) He took home Php 5,000 cash for his own use.
24. Net effect on Assets:

a. 1,682,500
b. 2,057,500
c. 1,557,500
d. 2,307,500
25. Net effect on Liabilites:

a. 125,000
b. 62,500
c. (62,500)
d. 187,500
26. Net effect on Equity:

a. 1,505,000
b. 1,500,000
c. 1,495,000
d. (5,000)
Page 6 of 16
Data for 27-28

Chill Company has provided the following information regarding concert sales and collections from
June to November:
Cash received in June for July concerts Php 8,000,000

Cash received in July for July concerts Php 4,000,000
Cash received in July for August concerts Php 6,000,000
Cash received in August to July concerts Php 2,000,000
27. Using the accrual rule, determine how much revenue should be reported for July.
a. 14,000,000
b. 12,000,000
c. 10,000,000
d. 8,000,000
28. Using the cash concept, determine how much revenue should be reported for July.
a. 14,000,000
b. 12,000,000
c. 10,000,000
d. 8,000,000
29. At the beginning of the year, the liabilities of SorryNotSorry Company amounted to P120,000 but
it decreased by P50,000 during the year. The assets increased by P160,000 during the year and
at the end of the year amounted to P360,000. The owner’s equity at the start of the year is
a. 290,000
b. 80,000
c. 240,000
d. 260,000
30. The assets of the business at the start of the month is P1,000,000 and the owner’s equity is
P800,000. Equipment worth P500,000 were purchased during the month of which only P150,000
were paid for. At the end of the month, owner’s equity will become
a. P550,000
b. P1,150,000
c. P800,000
d. P1,000,000
31. The Trial Balance shows supplies of P1,500. If P500 are on hand at the end of accounting period,
the adjusting entry is
a. Supplies 500
Supplies Expense 500
b. Supplies 1000
Supplies Expense 1000
Page 7 of 16
c. Supplies Expense 500

Supplies 500
d. Supplies Expense 1000

Supplies 1000
32. Engr. Daniel of Woke Company incurred P2,500 salary for the last week of December 2018 but
this will be paid on January 2019. The adjustment on December 31, 2018 is
a. Salaries Expense 2,500

Salaries Payable 2,500
b. Salaries Expense 2,500

Cash 2,500
c. Salaries Payable 2,500

Cash 2,500
d. No adjustment is needed.
33. Prepaid Advertising of P72,000 represents payment made on 24 monthly magazine issues
starting October 1, 2018. The adjustment on December 31, 2018 is
a. Advertising Expense 9,000

Prepaid Advertising 9,000
b. Advertising Expense 45,000

c. Advertising Expense 36,000

d. Prepaid Advertising 36,000

Advertising Expense 36,000
Data for 34-36
Basic Company bought a heavy equipment that will be used in his shipping business, with the
following details:
Cost: P1,510,000
Residual Value: P10,000
Useful Life: 10 Years
Acquisition date: July 2, 2018
Depreciation Method: Straight Line
34. How much should be recorded as Accumulated Depreciation at the end of year, December 31,
2018?
a. P150,000
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b. P12,500
c. P75,000
d. P152.000
35. How much should be recorded as Depreciation Expense at the end of year, December 31, 2019?
a. P150,000
b. P225,000
c. P75,000
d. P300,000
36. How much should be recorded as Accumulated Depreciation at the end of year, December 31,
2020?
a. P150,000
b. P450,000
c. P380,000
d. P375,000
Data for 37-38

Goals Company
Worksheet
For the Year Ended December 31, 2017
Adjusted Trial Income Statement Balance Sheet

Balance
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000 48,000
Accounts Receivable 18,000 18,000
Supplies 6,000 6,000
Equipment 57,000 57,000
Accumulated Depr- 18,000 18,000
Equip
Accounts Payable 30,000 30,000
Wages Payable 6,000 6,000
C. Filemon, Capital 33,000 33,000
C. Filemon, Drawing 3,000 3,000
Fees Earned 141,000 141,000
Wages Expense 63,000 63,000
Rent Expense 18,000 18,000
Depreciation Expense 15,000 15,000
Totals 228,000 228,000 96,000 141,000 132,000 87,000
Net Income (Loss) 45,000 45,000
141,000 141,000 132,000 132,000
37. The journal entry to close revenues would be:

a. debit Income Summary P141,000, credit Fees Earned P141,000
b. debit A. Goals, Capital P141,000, credit Fees Earned P141,000
c. debit Fees Earned P141,000; credit Income Summary P141,000
d. credit Fees Earned P141,000; credit A. Goals, Capital P141,000
Page 9 of 16
38. Based on the preceding trial balance, the entry to close expenses would be:
a. Wages Expense 63,000
Rent Expense 18,000
Depreciation Expense 15,000
Income Summary 96,000
b. Expenses 96,000
Income Summary 96,000
c. Wages Expense 63,000
Rent Expense 18,000
A. Goals, Drawing 96,000
d. Income Summary 96,000
Wages Expense 63,000
Rent Expense 18,000
39. Bae Company estimates that P20,000 of its P500,000 of Accounts Receivable will be
uncollectible. Its Allowance for Doubtful Accounts presently has a credit balance of P18,000. The
adjusting entry will include a _______________ to Bad Debts Expense.
a. Debit of P2,000
b. Credit of P2,000
c. Debit of P38,000
d. Credit of P38,000
40. ICantEven estimates that P20,000 of its P500,000 of accounts receivable will be uncollectible. Its
allowance for doubtful accounts presently has a debit balance of P3,000. The adjusting entry will
include a _________________ to Allowance for Doubtful Accounts.
a. Debit of P23,000
b. Credit of P23,000
c. Debit of P17,000
d. Credit of P17,000
41. On August 1, 2018, FINSTA Company received P15,000 from a sub-lessee representing advance
payment for 3 months’ rent . On this date, the accountant made the following entry:
Cash 15,000
Rent Income 15,000
What adjusting entry should be made on August 31, 2018 to update the accounts?
a. Rent Income 10,000
Cash 10,000
b. Rent Income 10,000
Rent Expense 10,000
c. Rent Income 5,000
Unearned Rent Income 5,000
d. Rent Income 10,000
Unearned Rent Income 10,000
42. On October 30, 2018, Savage Company received P2,000 as advance payment from a customer
for laundry services to be rendered on November 1, 2018. The accountant made the following
entry:
Page 10 of 16
Cash P2,000
Unearned Laundry Revenue P2,000
What adjusting entry should be made on October 31, 2018?

a. Unearned Laundry Revenue 2,000
Cash 2,000
b. Unearned Laundry Revenue 2,000
Laundry Revenue 2,000
c. Laundry Revenue 2,000
Cash 2,000
d. No Adjusting Entry required
Data for 43-46
Given are selected transaction for January for OnFleek Company -an interior decorator.
Jan. 2 Invested P100,000 cash to start the business.
3 Paid P6,000 cash for advertising and P10,000 for rent.
9 Purchased equipment for P70,000. Paid cash of P20,000 and a note for the balance.
11 Billed customer P22,300 for services performed
16 Purchased supplies on account for P 7,000
20 Received P11,000 cash from customers billed on Jan. 11
23 Paid creditor 50% on the note owed
28 withdrew P5,000 for food spent in entertaining friends
30 Used up P2,000 of the supplies purchased.
43. How much is the ending balance of Cash?

a. P45,000
b. P55,000
c. P65,000
d. P50,000
44. How much is the ending balance of Accounts Receivable?

a. P22,300
b. P11,300
c. P33,300
d. P0
45. How much is the total Net Income or Net Loss (Revenues less Expenses) of SMH Company?
a. Net Income of P6,300
b. Net Income of P1,300
c. Net Loss of P6,300
d. Net Income of P4,300
46. Using a Trial Balance, how much is the total Debit / Credit of OnFleek Company?
a. P154,300
b. P159,300
c. P149,300
d. P165,300
47. A Rent Expense of P10,000 was incorrectly recorded as credit. To correct this entry made, you
should record:
a. A debit of Rent Expense worth P10,000
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b. A credit of Rent Income worth P10,000

c. A debit of Rent Expense worth P20,000
d. A credit of Rent Income worth P20,000
48. Swag Company’s Allowance for Doubtful Accounts beginning balance is worth P20,000. During
year-end, the management, based on their experience and according to the result of their
operation this year, advises you to increase this allowance by P21,000. How much should be
recorded as the total Bad Debts Expense for the year?
a. P21,000
b. P1,000
c. P41,000
d. P0
49. In reference to the data given in no. 48, how much is the total Allowance for Bad Debts after
adjustments needed?
a. P21,000
b. P1,000
c. P41,000
d. P0
50. Using the following information of FOMO Company, how much is the total Current Assets:
Accounts Amounts
Notes Receivable (Payment after 18 months) 15,000
Accounts Receivable 12,000
Furniture and Fixtures 10,000
Office Supplies 500
Cash 21,500
Office Equipment 33,100
Inventories 20,000
Land 10,000
Building 3,000
Total Assets P 125,100
a. P53,500
b. P86,600
c. P54,000
d. P87,000
51. Using the data in no. 50, how much is the Non-Current Assets?
a. P71,600
b. P38,500
c. P71,100
d. P56,100
52. The journal entry to close the Fees Earned, P275, and Rent Revenue, P200, accounts on
December 31st during the closing process would be:
a. Dec 31 Fees Earned 275
Rent Revenue 200
Page 12 of 16
Income Summary 475
b. Dec 31 Income Summary 475

Fees Earned 275
Rent Revenue 200
c. Dec 31 Revenues 475

Income Summary 475
d. Dec 31 Income Summary 475

Revenues 475
53. A summary of selected ledger accounts appear below for Slay Plumbing Services for the current
calendar year end.
Slay, Capital
12/31 8,500 1/1 6,500
12/31 18,500
Slay, Drawing
6/30 3,500 12/31 8,500
11/30 5,000
Income Summary
12/31 15,000 12/31 33,500
12/31 18,500
Net income for the period is

a. P16,500 c. P18,500
b. P33,500 d. P15,000
54. Using the following information of Lit Company, how much is the total Current Liabilities:
Accounts Amounts
Accounts Payable 40,000
Notes Payable (to be paid on January 2025) 15,000
Bonds Payable 50,000
Salaries Payable 20,000
Interest Payable 1,500
Unearned Revenues 34,000
Total Liabilities P 160,500
a. P145,000
b. P94,000
c. P61,500
d. P95,500
55. Using the data in no. 54, how much is the Non-Current Liabilities?
a. P65,000
b. P15,000
Page 13 of 16
c. P66,500
d. P99,000
56. If the purchases total P240,000 and the ending inventory is bigger than the beginning inventory by
P10,000, how much is the cost of goods sold during the period?
a. P250,000
b. P240,000
c. P230,000
d. Cannot be determined due to lack of information
Use the following information for the next two questions:

YAAAAAS Company purchased an item with a catalog price of P10,000. The invoice dated March
1 indicates a term of 20%, 2/10, n/30. The invoice also indicates that the term of the shipment is
FOB shipping point. The seller paid the freight of P1,000 since the shipping company refuses to
load the cargo unless the freight is prepaid.
57. How much is the invoice amount of the purchase?

a. P10,000 c. P8,000
b. P9,000 d. P7,840
58. How much must the buyer pay if he settles his account in full on March 11?
a. P9,000 c. P8,000
b. P8,840 d. P7,840
59. If the cost of goods sold is P345,000 and the ending inventory is bigger than the beginning
inventory by P15,000, how much is the purchases during the period?
a. P360,000
b. P345,000
c. P330,000
d. cannot be determined due to lack of information
Use the following data for the next two questions:

Purchases P120,000
Purchase returns 10,000
Purchase discounts 7,500
Freight-in 5,400
Freight-out 4,600
Merchandise inventory, beginning 21,500
Merchandise inventory, ending 18,500
60. How much is the net purchases?

a. P112,500 c. P107,100
b. P107,900 d. P102,500
61. How much is the cost of goods sold during the period?
a. P115,500 c. P109,500
b. P110,900 d. P104,900
Page 14 of 16
62. A sales invoice included the following information: merchandise price, P5,000; freight, P900; terms
1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of P700 is
granted prior to payment and that the invoice is paid within the discount period, what is the
amount of cash that should be received by the seller?
a. P5,157 c. P4,257
b. P4,300 d. P4,950
63. Swag Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated
on April 15 with terms of 1/15, net 45. What is the amount of the discount and up to what date
must the invoice be paid in order for the buyer to take advantage of the discount?
a. P80, April 30 c. P96, April 30
b. P192, April 25 d. P96, April 25
64. A retailer purchases merchandise with a catalog list price of P15,000. The retailer receives a 15%
trade discount and credit terms of 2/10, n/30. How much cash will be needed to pay this invoice
within the discount period?
a. P15,000 c. P12,750
b. P14,700 d. P12,495
65. During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The
cost of the merchandise sold is P76,240. What is the amount of the gross profit?
a. P9,760 c. P103,710
b. P17,710 d. P179,950
66. Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the
merchandise sold is P24,500. Love Co. issued a credit memo for P3,600 for merchandise
returned that originally cost P1,700. Kind Co. paid the invoice within the discount period. What is
the amount of gross profit earned by Love Co. on the above transactions?
a. P6,272 c. P8,600
b. P7,972 d. P10,500
67. Squad Company acquires inventory, worth P100,000, with the following terms: FOB Shipping
Point - Freight Collect, payable in 30 days. Applicable freight amounts to P2,000. What is the
correct journal entry upon purchase?
a. Purchases 100,000
Freight In 2,000
b. Purchases 100,000
Freight Out 2,000
Cash 2,000
c. Purchases 100,000
Freight Out 2,000
d. Purchases 100,000
Freight In 2,000
Page 15 of 16

Cash 2,000
68. Salty Company acquires inventory, worth P100,000, with the following terms: FOB Shipping Point
– Freight Prepaid, payable in 30 days. Applicable freight amounts to P2,000. What is the correct
journal entry upon purchase?
a. Purchases 100,000
Freight In 2,000
b. Purchases 100,000
Freight Out 2,000
Cash 2,000
c. Purchases 100,000
Freight Out 2,000
d. Purchases 100,000
Freight In 2,000
Cash 2,000
69. Extra Company sold inventory worth P100,000, with the following terms: FOB Shipping Point -
Freight Collect, payable in 30 days. Applicable freight amounts to P2,000. What is the correct
journal entry upon selling these goods?
a. Accounts Receivable 100,000

Cash 2,000
Sales 100,000
Freight Out 2,000
b. Accounts Receivable 100,000

Sales 100,000
c. Accounts Receivable 102,000

Sales 100,000
Freight Out 2,000
d. Accounts Receivable 102,000

Sales 102,000
70. Feels Company uses FIFO method to account the inventory of her merchandising business.
During the month of July, the following transactions occur:
Page 16 of 16
Date Transaction
July 5, 2018 Bought 100 pcs, at P50 each
July 16, 2018 Sold 120 pcs
July 25, 2018 Sold 40 pcs
How much is the total cost of goods sold?

a. P8,080
b. P8,120
c. P7,960
d. P8,000
-End-
“A gem cannot be polished without friction, nor a man perfected without trials.”
-Lucius Annaeus Seneca

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Page 1 of 16

2nd Term., A.Y. 2018 - 2019

NAME: (surname first)________________________________ SCORE: __________________

3. Which of the following is a disadvantage of putting up a Sole Proprietor?

5. What is the law regulating the practice of accountancy in the Philippines?

Prepared by: Reviewed by: Approved by:

Prepared by: Reviewed by: Approved by:

c. Both statements are correct.

15. Only one of the following statement is true:

Prepared by: Reviewed by: Approved by:

18. Which of the following is not a characteristic of the periodic system?

Data for 21-23

Year 1 Year 2 Year 3

21. Net Income for year 1:

22. Expenses for year 2:

Prepared by: Reviewed by: Approved by:

23. Income for year 3:

Data for 24-26

24. Net effect on Assets:

25. Net effect on Liabilites:

26. Net effect on Equity:

Prepared by: Reviewed by: Approved by:

Data for 27-28

Cash received in June for July concerts Php 8,000,000

Prepared by: Reviewed by: Approved by:

c. Supplies Expense 500

d. Supplies Expense 1000

a. Salaries Expense 2,500

b. Salaries Expense 2,500

c. Salaries Payable 2,500

a. Advertising Expense 9,000

b. Advertising Expense 45,000

c. Advertising Expense 36,000

d. Prepaid Advertising 36,000

Data for 34-36

Prepared by: Reviewed by: Approved by:

Data for 37-38

Adjusted Trial Income Statement Balance Sheet

37. The journal entry to close revenues would be:

Prepared by: Reviewed by: Approved by:

Prepared by: Reviewed by: Approved by:

What adjusting entry should be made on October 31, 2018?

Data for 43-46

43. How much is the ending balance of Cash?

44. How much is the ending balance of Accounts Receivable?

Prepared by: Reviewed by: Approved by:

b. A credit of Rent Income worth P10,000

Prepared by: Reviewed by: Approved by:

Income Summary 475

b. Dec 31 Income Summary 475

c. Dec 31 Revenues 475

d. Dec 31 Income Summary 475

Net income for the period is

Prepared by: Reviewed by: Approved by:

Use the following information for the next two questions:

57. How much is the invoice amount of the purchase?

Use the following data for the next two questions:

60. How much is the net purchases?

Prepared by: Reviewed by: Approved by:

Prepared by: Reviewed by: Approved by:

Accounts Payable 100,000

a. Accounts Receivable 100,000

b. Accounts Receivable 100,000

NAME: (surname first)______________ SCORE: