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Practice+Quiz+ +quiz+#3 Solutions+to+Ps
Practice+Quiz+ +quiz+#3 Solutions+to+Ps
2 Principal ₱ 60,000
Rate x 8%
Term x 75/360
Accrued interest income ₱ 1,000
The P70,000 is expense from last month. Entry made upon payment is dr Utilities Payable, cr Cash.
Note: Total purchases of P180,000 and A/P of P45,000 are dummy variables.
If the problem asks for the amoun of Store Supplies to be reported in the Statement of Financial Position:
Store Supplies ₱ 4,500 as given
7 A B C D
Amount received ₱ 300,000 ₱ 500,000 ₱ 250,000 ₱ 800,000
Duration of contract ÷ 6 ÷ 10 ÷ 8 ÷ 20
Months earned (as of Dec 31, 2022) x 6 x 8 x 5 x 2
Advertising revenue ₱ 300,000 ₱ 400,000 ₱ 156,250 ₱ 80,000
Total advertising revenue ₱ 936,250
Note: If problem did not specify the balance of the ADA before adjustments, it is assumed to be on the credit, the normal balance side.