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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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
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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