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Quiz 6. Service Business - Attempt Review
Quiz 6. Service Business - Attempt Review
Information
Based on the following transactions, prepare the journal entries, ledger, trial balances and financial statements:
Question 1
Correct
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 2
Correct
Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is
estimated to be useful for five years and have a salvage value of 2,500 thereafter.
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 3
Correct
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 4
Correct
Paid P6,000 insurance for six months. The company uses the asset method in recording insurance payments.
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 5
Correct
Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account.
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 6
Correct
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 7
Correct
Paid in cash and received an official receipt from the supplier for payment of accounts, P20,000.
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 8
Correct
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 9
Correct
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 10
Correct
Select one:
a.
b.
c.
d.
Question 11
Correct
Select one:
a. (No entry; telephone expenses will be recognized in the recording of adjusting journal entries later.)
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 12
Correct
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 13
Correct
Select one:
a.
b.
c.
d. (No entry; supplies used shall be recognized in the recording of adjusting journal entries later.)
The correct answer is: (No entry; supplies used shall be recognized in the recording of adjusting journal entries later.)
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 14
Correct
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 15
Correct
What is the adjusting entry to record the depreciation expense for the month of February?
Select one:
a.
b.
c.
d.
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 16
Correct
Select one:
a.
b.
c.
d.
From February 15 to Feb 29 is half a month, therefore, the expense is only P500.00
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 17
Correct
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 18
Correct
Operating Expenses:
Salaries 15000
Total 58000
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Question 19
Correct
Total 208000
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 20
Correct
Cash 111000
Supplies 15000
Non-Current Assets:
Equipment 32500
Owner's Equity:
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Question 21
Correct
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4/22/24, 10:59 AM Quiz 6. Service Business: Attempt review
Cash, February 1 0
Question 22
Correct
◄ Solution to Exercise
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