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prepaid rent account

prepaid rent account

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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FUNDAMENTALS OF ACCOUNTING 14. If the prepaid rent account had an unadjusted normal balance of P3.400 and an adjustment was made crediting the account for P800, then the account would appear on the worksheet as a(n): a. P2,600 debit balance in the balance sheet columns b. P800 credit balance in the income statement columns c. P2,600 credit balance in the adjusted trial balance columns d. P800 credit balance in the balance sheet columns 15. Unearned service revenue has a balance that is P800 less in the worksheet's balance sheet credit column than in the worksheet's trial balance credit column. From this data, it can be determined that: unearned service revenue was credited for P800 in the adjustments columns b. service revenue was debited for P800 in the adjustments columns service revenue was credited for P800 in the adjustments columns d. unearned service revenue was credited for P800 in the adjusted trial balance columns
Transcribed Image Text:FUNDAMENTALS OF ACCOUNTING 14. If the prepaid rent account had an unadjusted normal balance of P3.400 and an adjustment was made crediting the account for P800, then the account would appear on the worksheet as a(n): a. P2,600 debit balance in the balance sheet columns b. P800 credit balance in the income statement columns c. P2,600 credit balance in the adjusted trial balance columns d. P800 credit balance in the balance sheet columns 15. Unearned service revenue has a balance that is P800 less in the worksheet's balance sheet credit column than in the worksheet's trial balance credit column. From this data, it can be determined that: unearned service revenue was credited for P800 in the adjustments columns b. service revenue was debited for P800 in the adjustments columns service revenue was credited for P800 in the adjustments columns d. unearned service revenue was credited for P800 in the adjusted trial balance columns
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