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Multiple Choice. Encircle the letter of the LUIT solutions. (5pts each) 1. Luz Un Services acquired an equipment on July 1, 2001, for P80,000. The equipment has an estimated useful life of P10 years and an estimated salvage value of P5,000. Using this data, compute the depreciation on a straight-line basis. How much depreciation should be reCorded for 2001? a. P8,000 b. P7,600 P4,000 d. P3,750 G. 1. During April, P17,500 of equipment was acquired

Multiple Choice. Encircle the letter of the LUIT solutions. (5pts each) 1. Luz Un Services acquired an equipment on July 1, 2001, for P80,000. The equipment has an estimated useful life of P10 years and an estimated salvage value of P5,000. Using this data, compute the depreciation on a straight-line basis. How much depreciation should be reCorded for 2001? a. P8,000 b. P7,600 P4,000 d. P3,750 G. 1. During April, P17,500 of equipment was acquired

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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Book/Sheets. True or False Instruction; Write "I believe" if the statement is correct and "I object" if it is incorrect. 1. Posting is done to complete the journalizing process 2. Posting is in itself the classifying function of accounting 3. The arrangement of account in the General Ledger is patterned from the chart of accounts 4. The accounts that remains open after footing the general ledger constitute the trial balance. 5. A trial balance can be prepared in any given period of time regardless of whether or not financial statement is prepared 6. The purpose of a trial balance is to check the arithmetical or mathematical accuracy in posting and footing of the accounts. 7. A trial balance will not disclose an error, if the error is a journal entry that has not been posted in its entirety. 8. Posting an entry twice in the general ledger will cause the trial balance to be "out of balanced" although "out of balance" is called Forced Balanced. 11 9. Any deliberate or intentional act of letting it appear that the trial balance is "in-balance Requirements:
Transcribed Image Text:Book/Sheets. True or False Instruction; Write "I believe" if the statement is correct and "I object" if it is incorrect. 1. Posting is done to complete the journalizing process 2. Posting is in itself the classifying function of accounting 3. The arrangement of account in the General Ledger is patterned from the chart of accounts 4. The accounts that remains open after footing the general ledger constitute the trial balance. 5. A trial balance can be prepared in any given period of time regardless of whether or not financial statement is prepared 6. The purpose of a trial balance is to check the arithmetical or mathematical accuracy in posting and footing of the accounts. 7. A trial balance will not disclose an error, if the error is a journal entry that has not been posted in its entirety. 8. Posting an entry twice in the general ledger will cause the trial balance to be "out of balanced" although "out of balance" is called Forced Balanced. 11 9. Any deliberate or intentional act of letting it appear that the trial balance is "in-balance Requirements:
5. The allocation UI mU Multiple Choice. Encircle the letter of the correct answer for each question. Show vour solutions. (5pts each) estimated usefu! life of P10 years and an estimated salvage value of P5,000. Using this data, compute the depreciation on a straight-line basis. How much depreciation should be recorded for 2001? P8,000 b. P7,600 P4,000 d. P3,750 Accounts payable had a balance of P30,000 on April 1. During April, P17,500 of equipment was acquired on account. The April 30 balance was a credit of P28,500. How much were payments to accounts payable during April? a. P11,000 b. Р22,500 P19,000 d. P46,000 3. Cris Laurente Services purchased a 1-year policy on April 1, 2001, for P6,000. The amount of prepaid insurance reported on the balance sheet and the amount of insurance expense reported on the income statement at Dec. 31, 2001, are, respectively: a. P1,500; P4,500 b. P4,500; P1,500 C. P2,000; P4,000 d. P4,000; P2,000 4. On October 1, MJ paid P6,000 for six months' rent in advance. How much is the balance for prepaid rent as 1. Luz Un Services acquired an equipment on July 1, 200I, for P80,000. The equipment has an a. G. 2. С. С. of December 31? a. P4,000 b. P3,000 P1,000 d. P2,500 С. 5. Assume that an entity made credit sales of P2,500,000 in 2016 and prior experience indicates an expected 1% average uncollectible accounts rate based on credit, How much is the amount for Uncollectible Accounts Expense? a. P250,000 b. P25,000
Transcribed Image Text:5. The allocation UI mU Multiple Choice. Encircle the letter of the correct answer for each question. Show vour solutions. (5pts each) estimated usefu! life of P10 years and an estimated salvage value of P5,000. Using this data, compute the depreciation on a straight-line basis. How much depreciation should be recorded for 2001? P8,000 b. P7,600 P4,000 d. P3,750 Accounts payable had a balance of P30,000 on April 1. During April, P17,500 of equipment was acquired on account. The April 30 balance was a credit of P28,500. How much were payments to accounts payable during April? a. P11,000 b. Р22,500 P19,000 d. P46,000 3. Cris Laurente Services purchased a 1-year policy on April 1, 2001, for P6,000. The amount of prepaid insurance reported on the balance sheet and the amount of insurance expense reported on the income statement at Dec. 31, 2001, are, respectively: a. P1,500; P4,500 b. P4,500; P1,500 C. P2,000; P4,000 d. P4,000; P2,000 4. On October 1, MJ paid P6,000 for six months' rent in advance. How much is the balance for prepaid rent as 1. Luz Un Services acquired an equipment on July 1, 200I, for P80,000. The equipment has an a. G. 2. С. С. of December 31? a. P4,000 b. P3,000 P1,000 d. P2,500 С. 5. Assume that an entity made credit sales of P2,500,000 in 2016 and prior experience indicates an expected 1% average uncollectible accounts rate based on credit, How much is the amount for Uncollectible Accounts Expense? a. P250,000 b. P25,000
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