NAME: ____________________________ GRADE: __________

DATE: ________________________

Swit Titay is the proprietor of Switiks Computer Rental and Services, an entity engaged in
computer rental and other services. It has the following unadjusted trial balance that is not
balance for the year ended December 31, 2012:
SWITIKS COMPUTER RENTAL AND SERVICES
Trial Balance
December 31, 2014
Cash……………………………………………………P134,200
Accounts Receivable…………………………………….321,000
Prepaid Insurance…………………………………………72,000
Supplies…………………………………………………...52,000
Prepaid Advertising Expense……………………………..85,000
Land……………………………………………………1,300,000
Building………………………………………………..1,950,000
Accumulated Depreciation-Bldg…………………………156,000
Computer Equipment…………………………………….310,000
Accumulated Depreciation-Equipment……………………70,000
Notes Payable-due in 5 years………………………………….……...180,000
Accounts Payable…………………………………………….……….123,000
Mortgage Payable…………………………………………………….310,000
Titay, Capital………………………………………………………..1,745,800
Titay, Withdrawals ………………………………………215,000
Service Revenue…………………………………………………….2,090,000
Salaries expense……………………………………….....153,000
Interest Expense………………………………………….....5,400
Repairs Expense…………………………………………...75,400

Additional information:
a. A transaction on repairs expense of P21,000 was posted as P12,000.
b. A credit posting of P 8,000 was incorrectly posted as P800 on the cash account.
c. A collection on account from a customer of P8,000 was credited to Accounts Payable.
d. The building was acquired together with the land on Oct. 01, 2012. The books for
the year 2013 had already been closed.
e. The computer equipment was on November 01, 2012 and has an expected life of 5
years.
f. The proprietor made it a point to start depreciating depreciable assets on a straight-
line method from the date it was acquired. Depreciation for 2014 was not yet
recorded.
g. On February 01, 2014, it acquired an insurance with FGU Insurance for its building
at P72,000. The insurance policy is good for one year and takes effect a month after
it was acquired.
h. Notes payable was obtained from BPI on July 31, 2014 with an interest of 12%. The
terms of the loan includes the quarterly payment of interest. Payment is made at the
end of the month when quarterly interest falls due.
i. Titay paid on April 01, 2014 to PDI Company for a ten-month full-page
advertisement in the newspaper to start the following month.
j. Supplies that remains unused is twenty-five percent of the balance.
k. On September 01, 2014, a customer paid Swit Titay for P180,000 as a six-month
advance payment for future services to be rendered to start next month following the
month it was received.
l. Titay is paying P3,000 weekly salary every Friday to its employees for five day work
services rendered by them which ended Wednesday preceding it. December 31, 2014
falls on a Monday and the accrued salaries had not yet been recorded.

Answer the following questions:

1. How much is the balance of the account “Cash” in the balance column of the worksheet?
a. P127,000 b. P141,400 c. P135,000 d. P133,400 e. none of the above
2. How much is the balance of the account “Repairs expense” in the unadjusted trial balance
column of the worksheet?
a. P84,400 b. P66,400 c. P87,400 d. P63,400 e. none of the above

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3. How much is the balance of the account “Accounts Receivable” in the unadjusted trial
balance column of the worksheet?
a. P321,000 b. P329,000 c. P331,000 d. P313,000 e. none of the above
4. How much is the balance of the account “Accounts Payable” in the unadjusted trial
balance column of the worksheet?
a. P113,000 b. P131,000 c. P115,000 d. P123,000 e. none of the above
5. How much is the balance of the account “Prepaid Insurance” in the balance sheet column
of the worksheet?
a. P60,000 b. P12,000 c. P66,000 d. P6,000 e. none of the above
6. How much is the balance of the account “Supplies” in the balance sheet column of the
worksheet?
a. P39,000 b. P13,000 c. P52,000 d. 0 e. none of the above
7. How much is the balance of the account “Prepaid Advertising expense” in the balance
sheet column of the worksheet?
a. P85,000 b. P76,500 c. P17,000 d. P68,000 e. none of the above
8. How much is the balance of the account “Accumulated Depreciation-Building” in the
balance sheet column of the worksheet?
a. P312,000 b. P280,800 c. P284,400 d. P286,000 e. none of the above
9. How much is the balance of the account “Accumulated Depreciation-Equipment” in the
balance sheet column of the worksheet?
a. 0 b. P140,000 c. P130,000 d. P132,000 e. none of the above
10. How much is the balance of the account “Unearned Service Revenue” in the balance
sheet column of the worksheet?
a. P180,000 b. P90,000 c. P120,000 d. P60,000 e. none of the above
11. How much is the balance of the account “Salaries payable” in the balance sheet column
of the worksheet?
a. P1,200 b. P1,800 c. P2,400 d. P3,000 e. none of the above
12. How much is the balance of the account “Service Revenue” in the income statement
column of the worksheet?
a. P2,180,000 b. P2,000,000 c. P2,090,000 d. P2,120,000 e. none of the above
13. How much is the balance of the account “Salaries Expense” in the income statement
column of the worksheet?
a. P154,200 b. P154,800 c. P155,400 d. P156,000 e. none of the above
14. How much is the balance of the account “Insurance expense” in the income statement
column of the worksheet?
a. P60,000 b. P12,000 c. P66,000 d. P6,000 e. none of the above
15. How much is the balance of the account “Supplies expense” in the income statement
column of the worksheet?
a. P39,000 b. P13,000 c. P52,000 d. 0 e. none of the above
16. How much is the balance of the account “Depreciation expense-Bldg” in the income
statement column of the worksheet?
a. P156,000 b. P124,800 c. P128,400 d. P130,000 e. none of the above
17. How much is the balance of the account “Depreciation expense-Computer Equipment” in
the income statement column of the worksheet?
a. P50,000 b. P70,000 c. P60,000 d. P62,000 e. none of the above
18. How much is the balance of the account “Interest expense” in the income statement
column of the worksheet?
a. P50,000 b. P70,000 c. P60,000 d. P62,000 e. none of the above
19. How much is the balance of the account “Advertising expense” in the income statement
column of the worksheet?
a. P85,000 b. P50,000 c. P65,000 d. 68,000 e. none of the above

20. How much is the total of the debit and credit of the adjustment column of the worksheet?
a. P85,000 b. P76,500 c. P17,000 d. P68,000 e. none of the above
21. How much is the total of the debit and credit of the unadjusted trial balance column of the
worksheet?
a. P4,666,800 b. P4,674,000 c. P4,674,500 d. P4,647,000 e. none of the above
22. How much is the total of the debit and credit of the adjustment column of the worksheet?
a. P450,200 b. P447,200 c. P446,600 d. P447,800 e. none of the above
23. How much is the total of the debit and credit column of the adjusted trial balance of the
worksheet?
a. P4,090,000 b. P4,857,000 c. P4,546,000 d. P4,180,000 e. none of the above

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24. How much is the total debit of the income statement column of the worksheet?
a. P600,000 b. P540,000 c. P532,000 d. P561,000 e. none of the above
25. How much is the total credit of the income statement column of the worksheet?
a. P2,000,000 b. P2,090,000 c. P2,120,000 d. P2,060,000 e. none of the above
26. How much is the total debit of the balance sheet column of the worksheet?
a. P5,427,000 b. P4,257,000 c. P2,457,000 d. P7,427,000 e. none of the above
27. How much is the total credit of the balance sheet column of the worksheet?
a. P2,857,000 b. P7,285,000 c. P2,578,000 d. P7,825,000 e. none of the above
28. What is the balancing figure between the debit and credit of the income statement column
of the work sheet?
a. P1,200,000 b. P1,400,000 c. P1,310,000 d. P1,130,000 e. none of the above
29. What is the balancing figure between the debit and credit of the balance sheet column of
the work sheet?
a. P1,200,000 b. P1,400,000 c. P1,310,000 d. P1,130,000 e. none of the above