Homework Help is Here – Start Your Trial Now!
Business
Accounting
On December 31, 2021, Utilities expense for the year as appropriately reported in the statement of comprehensive income of Kwek-Kwek Inc. is P117,000. The statement of financial position as of December 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilities during 2021 were P108,000 which were fully charged to Utilities expense. The company appropriately prepared a reversing entry on January 1, 2021. Which of the following is the correct adjusting entry related to the utilities in 2021? A. Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000 B. Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000 C. Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000 D. Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000

On December 31, 2021, Utilities expense for the year as appropriately reported in the statement of comprehensive income of Kwek-Kwek Inc. is P117,000. The statement of financial position as of December 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilities during 2021 were P108,000 which were fully charged to Utilities expense. The company appropriately prepared a reversing entry on January 1, 2021. Which of the following is the correct adjusting entry related to the utilities in 2021? A. Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000 B. Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000 C. Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000 D. Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

On December 31, 2021, Utilities expense for the year as appropriately reported in the statement of comprehensive income of Kwek-Kwek Inc. is P117,000. The statement of financial position as of December 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilities during 2021 were P108,000 which were fully charged to Utilities expense. The company appropriately prepared a reversing entry on January 1, 2021.

Which of the following is the correct adjusting entry related to the utilities in 2021?

A. Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000

B. Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000

C. Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000
D. Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS