APC Baysa Chapter 1

CHAPTER 1
Review of the Accounting Process

E 1-1
1. Unearned Revenue
2. Prepaid Expense
3. Accrued Expense
4. Accrued Expense
5. Prepaid Expense
6. Unearned Revenue
7. Accrued Revenue
8. Accrued Expense
9. Unearned Revenue
10. Accrued revenue
11.
12.
13.
14.
15.
Accrued Expense
Accrued Revenue
Prepaid Expense
Unearned Revenue
Accrued Expense
E 1-2
1. Allowance for Uncollectible Accounts
2. Rent Expense
3. Office Supplies Expense
4. Salaries Payable
5. Prepaid Insurance
6. Interest Revenue
7. Interest Payable
8. Unearned Rent
9. Accumulated Depreciation
10. Income Summary
E 1-3
1. a.
Unearned Rent
Rent Revenue
P300,000 x 1/12 = P25,000
25,000
25,000
No reversing entry
b.
Insurance Expense
Prepaid Insurance
P90,000 x 10/12 = P75,000
75,000
75,000
No reversing entry
2.
a.
b.
Rent Revenue
Unearned Rent
P300,000 x 11/12 = P275,000
275,000
Unearned Rent
Rent Revenue
275,000
Prepaid Insurance
Insurance Expense
P90,000 x 2/12 = P15,000
275,000
275,000
15,000
15,000
PC Chapter 2
E 1-4
1. a.
b.
c.
d.
e.
f.
g.
h.
i.
2.
page 2
Insurance Expense
Prepaid Insurance
15,000
Interest Expense
Interest Payable
P2,000,000 x 6% x 4/12 = P40,000
40,000
Prepaid Insurance
Insurance Expense
P72,000 x 25/36 = P50,000
50,000
Prepaid Rent
Rent Expense
P360,000 x 11/12 = P330,000
Uncollectible Accounts Expense
Allowance for Uncollectible Accounts
15,000
40,000
50,000
330,000
330,000
60,000
60,000
Salary Expense
Salaries Payable
P450,000 x 2/5 = P180,000
180,000
Depreciation Expense Office Equipment

Accumulated Depreciation Office Equipment
P480,000 5 = P96,000 +
P120,000 5 x 5/12 = P10,000
106,000
Supplies on Hand
Supplies Expense
180,000
106,000
4,500
4,500
Rental Revenue
Unearned Rent
P180,000 x 4/6 = P120,000
120,000
Income Summary
Merchandise Inventory
180,000
Income Summary
220,000
120,000
180,000
220,000
a, b, c, e, g & h
E 1-5
1. a.
Income Summary
Inventory, beg.
Inventory, end
Income Summary
50,000
50,000
140,000
140,000
PC Chapter 2
b.
2.
page 3
Inventory, end
Purchases Returns
Cost of Goods Sold
Purchases
Freight-in
Inventory, beg.
140,000
20,000
2,000,000
2,100,000
10,000
50,000
Approach 2
a. Sales
Interest Revenue
Income Summary
b.
c.
d.
5,000,000
25,000
5,025,000
Income Summary
Inventory, end
Purchases Returns and Allowances
Inventory, beg.
Purchases
Freight-In
Administrative Expense
Sales Returns
Sales Discounts
Selling Expenses
Interest Expense
2,980,000
140,000
20,000
Income Summary
Castro, Capital
2,045,000
50,000
2,100,000
10,000
500,000
5,000
10,000
450,000
15,000
2,0450,000
Castro, Capital
Castro, Drawing
500,000
500,000
E 1-6
1.
2.
3.
4.
5.
A
A
A
A
B
6.
7.
8.
9.
10.
B or C
A
C
A
B
11.
12.
13.
14.
15.
B
A
A
A
C
16.
17.
18.
19.
20.
B
A
C
B
B
P 1-1
1.
a.
Insurance Expense
Prepaid Insurance
P48,000 x 3/12 = P12,000
12,000
12,000
No reversing entry
b
Rent Revenue
Unearned Rent
210,000
210,000
PC Chapter 2
page 4
P270,000 x 7/9 = P210,000

Unearned Rent
Rent Revenue
c.
d.
210,000
210,000
Supplies
Supplies Expense
P12,000 P3,000 = P9,000
4,500
Supplies Expense
Supplies
4,500
Depreciation Expense
Accumulated Depreciation
P350,000/5 x 9/12 = P52,500
4,500
4,500
52,500
52,500
no reversing entry
e.
Uncollectible Accounts Expense

Allowance for Uncollectible Accounts
8,000
8,000
no reversing entry
f.
g.
h.
Interest Receivable
Interest Revenue
P150,000 x 12% x 30/360 = P1,500
1,500
Interest Revenue
Interest Receivable
1,500
1,500
1,500
Salary Expense
Salaries Payable
155,000
Salaries Payable
Salary Expense
155,000
Income Summary
122,000
Income Summary
120,000
Income Summary
150,000
155,000
155,000
122,000
P 1-2
a.
b.
c.
Sales
Purchase Returns & Allowance
Income Summary
120,000
150,000
5,700,000
90,000
5,790,000
PC Chapter 2
d.
e.
f.
page 5
Income Summary
Sales Returns and Allowance
Purchases
Freight-in
Supplies Expense
Insurance Expense
Salary Expense
Office Expense
4,029,000
Income Summary
Olson, Capital
1,791,000
Olson, Capital
Olson, Drawing
150,000
3,000,000
120,000
18,000
27,000
540,000
24,000
150,000
1,791,000
180,000
180,000
P 1-3
Adjusting
Entry
a.
b.
c.
d.
e.
f.
g.
P 1-4
1. a.
b.
c.
d.
Revenue
NE
+
NE
NE
NE
+
NE
Income Statement
Expenses
Net Income
+
NE
+
+
+
+
NE
+
+
-
Commissions Receivable
Commissions Income
Rent Expense
Prepaid Rent
Office Supplies Expense
Office Supplies
Accumulated Depreciation
Statement of Financial Position

Assets
Liabilities
Capital
NE
+
+
NE
+
NE
NE
NE
NE
+
NE
+
7,200
7,200
36,000
36,000
6,600
6,600
2,400
2,400
e.
f.
g.
Salaries Expense
Salaries Payable
4,800
Unearned Commissions
Commissions Income
8,000
Interest Expense
Interest Payable
1,200
4,800
8,000
1,200
PC Chapter 2
2.
a.
b.
c.
d.
3.
page 6
Income Summary
Salaries Expense
Rent Expense
Office Supplies Expense
Interest Expense
111,000
Commissions Income
Income Summary
175,200
64,800
36,000
6,600
2,400
1,200
175,200
Income Summary
Valdez, Capital
64,200
Valdez, Capital
Valdez, Drawing
32,000
64,200
32,000
Net Income = P64,200
P 1-5
1.
Insurance Expense
Prepaid Insurance
2.
3.
4.
30,000
30,000

Depreciation Expense Automobile
Accumulated Depreciation Office Equipment
Accumulated Depreciation - Automobile
75,000
260,000
75,000
260,000
Unearned Management Fees

Management Fees Earned
P120,000 x 4/6 = P80,000
80,000
Prepaid Advertising
Advertising Expense
P100,000 x 2/5 = P40,000
40,000
Multiple Choice
1.
C
2.
D
3.
C
4.
5.
6.
80,000
40,000
C
B
D
7.
8.
9.
D
C
A
10.
11.
12.
TM 1
1.
2.
3.
4.
5.
T
T
T
T
F
6.
7.
8.
9.
10.
F
F
F
T
T
11.
12.
13.
14.
15.
F
F
F
F
T
16.
17.
18.
19.
20.
F
T
F
T
T
TM 2
1.
2.
3.
4.
D
C
C
B
6.
7.
8.
9.
B
C
C
B
11.
12.
13.
14.
B
A
D
C
16.
17.
18.
19.
B
D
B
B
21.
22.
23.
24.
25.
B
A
C
T
T
T
F
F
13. B
14. A
15. C
PC Chapter 2
page 7
5.
10.
15.
20.
TM 3
1.
2.
3.
4.
5.
B
D
D
B
D
6.
7.
8.
9.
10.
D
C
C
A
A
11.
12.
13.
14.
15.
B
C
A
C
C
16.
17.
18.
19.
20.
A
D
A
C
D
TM4
1.
2.
3.
4.
N
Y
N
N
TM 5
1.
2.
3.
4.
5.
O
B
H
N
K
5.
6.
7.
8.
N
N
Y
Y
6.
7.
8.
9.
10.
9.
10.
11.
12.
F
E
A
I
X
N
Y
N
N
11.
12.
13.
14.
15.
13.
14.
15.
16.
P
T
M
G
Z
Y
Y
Y
Y
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
17.
18.
19.
20.
Q
V
W
S
D
B
C
A
D
B
Y
Y
Y
Y

APC Baysa Chapter 1

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CHAPTER 1

Review of the Accounting Process

Depreciation Expense Office Equipment

P270,000 x 7/9 = P210,000

Uncollectible Accounts Expense

Statement of Financial Position

Net Income = P64,200

Depreciation Expense Office Equipment

Unearned Management Fees

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