Multiple choice: 1. If the estimated depreciation for Office Equipment were P10,000, the adjusting entry would contain a A. A Credit to Accumulated Depreciation for P10,000. B. A Credit to Depreciation Expense for P10,000. C. A Debit to Accumulated Depreciation for P10,000. D. A Credit to Office Equipment for P10,000.
Multiple choice: 1. If the estimated depreciation for Office Equipment were P10,000, the adjusting entry would contain a A. A Credit to Accumulated Depreciation for P10,000. B. A Credit to Depreciation Expense for P10,000. C. A Debit to Accumulated Depreciation for P10,000. D. A Credit to Office Equipment for P10,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Multiple choice:
1. If the estimated depreciation for Office Equipment were P10,000, the adjusting entry would contain a
A. A Credit to Accumulated Depreciation for P10,000.
B. A Credit to Depreciation Expense for P10,000.
C. A Debit to Accumulated Depreciation for P10,000.
D. A Credit to Office Equipment for P10,000.
2. If, as of December 31, the rent of P5,500 for December had not been recorded or paid, the adjusting entry would include
A.A Credit to Accumulated Rent for P5,500.
B. A Debit to Rent Payable for P5,500.
C. A Debit to Rent Expense for P5,500.
D. A Credit to Cash for P5,500.
Transcribed Image Text:Trial Balance
December 31, 2020
P 20,000
50,000
10,000
10,000
30,000
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Office Equipment
Accumulated Depreciation - Office Equipment
Accounts Payable
Manalastas, Capital
10,000
30,000
60,000
60,000
Service Revenue Earned
Salaries Expense
Rent Expense
20,000
20,000
P 160,000
P 160,000
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