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CHAPTER 1

Review of the Accounting Process

E 1-1

1. Unearned Revenue 11. Accrued Expense

2. Prepaid Expense 12. Accrued Revenue

3. Accrued Expense 13. Prepaid Expense

4. Accrued Expense 14. Unearned Revenue

5. Prepaid Expense 15. Accrued Expense6. Unearned Revenue

7. Accrued Revenue

8. Accrued Expense

9. Unearned Revenue

10. Accrued revenue

E 1-2

1. All!ance "r Uncllec#i$le Accun#s

2. Ren# Expense

3. %""ice &upplies Expense4. &alaries Pa'a$le

5. Prepaid (nsurance

6. (n#eres# Revenue

7. (n#eres# Pa'a$le

8. Unearned Ren#

9. Accu)ula#ed *eprecia#in

10. (nc)e &u))ar'

E 1-3

1. a. Unearned Ren# 25+000

Ren# Revenue 25+000

  P300+000 x 1,12 P25+000

  reversin/ en#r'

 $. (nsurance Expense 75+000

Prepaid (nsurance 75+000

  P90+000 x 10,12 P75+000

  reversin/ en#r'

2. a. Ren# Revenue 275+000

Unearned Ren# 275+000

  P300+000 x 11,12 P275+000

Unearned Ren# 275+000Ren# Revenue 275+000

 $. Prepaid (nsurance 15+000

(nsurance Expense 15+000

  P90+000 x 2,12 P15+000

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 PC – Chapter 2 page 2

(nsurance Expense 15+000

Prepaid (nsurance 15+000

E 1-41. a. (n#eres# Expense 40+000

(n#eres# Pa'a$le 40+000  P2+000+000 x 6 x 4,12 P40+000

 $. Prepaid (nsurance 50+000

(nsurance Expense 50+000

  P72+000 x 25,36 P50+000

c. Prepaid Ren# 330+000

Ren# Expense 330+000

  P360+000 x 11,12 P330+000

d. Uncllec#i$le Accun#s Expense 60+000

All!ance "r Uncllec#i$le Accun#s 60+000

e. &alar' Expense 180+000

&alaries Pa'a$le 180+000

  P450+000 x 2,5 P180+000

". *eprecia#in Expense %""ice Euip)en# 106+000

Accu)ula#ed *eprecia#in %""ice Euip)en# 106+000

  P480+000 ÷ 5 P96+000

  P120+000 ÷ 5 x 5,12 P10+000

/. &upplies n and 4+500

&upplies Expense 4+500

. Ren#al Revenue 120+000

Unearned Ren# 120+000

  P180+000 x 4,6 P120+000

i. (nc)e &u))ar' 180+000

ercandise (nven#r' 180+000

ercandise (nven#r' 220+000

(nc)e &u))ar' 220+000

2. a+ $+ c+ e+ /

E 1-51. a. (nc)e &u))ar' 50+000

(nven#r'+ $e/. 50+000

(nven#r'+ end 140+000

(nc)e &u))ar' 140+000

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 PC – Chapter 2 page 3

 $. (nven#r'+ end 140+000

Purcases Re#urns 20+000

s# " ds &ld 2+000+000

Purcases 2+100+000:rei/#-in 10+000

(nven#r'+ $e/. 50+000

2. Apprac 2

a. &ales 5+000+000

(n#eres# Revenue 25+000

(nc)e &u))ar' 5+025+000

 $. (nc)e &u))ar' 2+980+000

(nven#r'+ end 140+000

Purcases Re#urns and All!ances 20+000  (nven#r'+ $e/. 50+000

Purcases 2+100+000

:rei/#-(n 10+000Ad)inis#ra#ive Expense 500+000

&ales Re#urns 5+000

&ales *iscun#s 10+000

&ellin/ Expenses 450+000

(n#eres# Expense 15+000

c. (nc)e &u))ar' 2+045+000

as#r+ api#al 2+0450+000

d. as#r+ api#al 500+000

as#r+ *ra!in/ 500+000

E 1-6

1. A 6. ; r 11. ; 16. ;

2. A 7. A 12. A 17. A

3. A 8. 13. A 18.

4. A 9. A 14. A 19. ;

5. ; 10. ; 15. 20. ;

P 1-1

1. a. (nsurance Expense 12+000

Prepaid (nsurance 12+000

  P48+000 x 3,12 P12+000

  reversin/ en#r'

 $ Ren# Revenue 210+000

Unearned Ren# 210+000

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 PC – Chapter 2 page 4

  P270+000 x 7,9 P210+000

Unearned Ren# 210+000

  Ren# Revenue 210+000

c. &upplies 4+500

&upplies Expense 4+500  P12+000 P3+000 P9+000

&upplies Expense 4+500

  &upplies 4+500

d. *eprecia#in Expense 52+500

Accu)ula#ed *eprecia#in 52+500

  P350+000,5 x 9,12 P52+500

n reversin/ en#r'

e. Uncllec#i$le Accun#s Expense 8+000All!ance "r Uncllec#i$le Accun#s 8+000

n reversin/ en#r'

". (n#eres# Receiva$le 1+500

(n#eres# Revenue 1+500

  P150+000 x 12 x 30,360 P1+500

(n#eres# Revenue 1+500

(n#eres# Receiva$le 1+500

/. &alar' Expense 155+000&alaries Pa'a$le 155+000

&alaries Pa'a$le 155+000

&alar' Expense 155+000

. ercandise (nven#r' 122+000

(nc)e &u))ar' 122+000

P 1-2

a. (nc)e &u))ar' 120+000ercandise (nven#r' 120+000

 $. ercandise (nven#r' 150+000

(nc)e &u))ar' 150+000

c. &ales 5+700+000

Purcase Re#urns All!ance 90+000

(nc)e &u))ar' 5+790+000

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 PC – Chapter 2 page 5

d. (nc)e &u))ar' 4+029+000

&ales Re#urns and All!ance 150+000

Purcases 3+000+000

:rei/#-in 120+000&upplies Expense 18+000

(nsurance Expense 27+000&alar' Expense 540+000

*eprecia#in Expense 24+000

%""ice Expense 150+000

e. (nc)e &u))ar' 1+791+000

%lsn+ api#al 1+791+000

". %lsn+ api#al 180+000

%lsn+ *ra!in/ 180+000

P 1-3 

Adjusting Income Statement Statement of Financial Position

Entr Revenue E!"enses #et Income Assets $ia%ilities Ca"ital

a. E - E - $. E E

c. E - - E -

d. E - - E -

e. E - - E -

". E E -

/. E - E -

P 1-41. a. ))issins Receiva$le 7+200

))issins (nc)e 7+200

 $. Ren# Expense 36+000

Prepaid Ren# 36+000

c. %""ice &upplies Expense 6+600

%""ice &upplies 6+600

d. *eprecia#in ExpenseAccu)ula#ed *eprecia#in 2+400

2+400e. &alaries Expense 4+800

&alaries Pa'a$le 4+800

". Unearned ))issins 8+000

))issins (nc)e 8+000

/. (n#eres# Expense 1+200

(n#eres# Pa'a$le 1+200

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 PC – Chapter 2 page 6 

2. a. (nc)e &u))ar' 111+000

&alaries Expense 64+800

Ren# Expense 36+000

%""ice &upplies Expense 6+600*eprecia#in Expense %""ice Euip)en# 2+400

(n#eres# Expense 1+200

 $. ))issins (nc)e 175+200

(nc)e &u))ar' 175+200

c. (nc)e &u))ar' 64+200

2. > 7. : 12. : 17. > 22. >

3. > 8. : 13. : 18. : 23. >4. > 9. > 14. : 19. > 24. :

5. : 10. > 15. > 20. > 25. :

> 21. * 6. ; 11. ; 16. ;

2. 7. 12. A 17. *

3. 8. 13. * 18. ;

4. ; 9. ; 14. 19. ;

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 PC – Chapter 2 page 7 

5. A 10. ; 15. 20.

> 31. ; 6. * 11. ; 16. A 21. ;

2. * 7. 12. 17. * 22.

3. * 8. 13. A 18. A 23. A

4. ; 9. A 14. 19. 24. *

5. * 10. A 15. 20. * 25. ;

> 41. 5. 9. 13. ? 17. ?

2. ? 6. 10. ? 14. ? 18. ?

3. 7. ? 11. 15. ? 19. ?

4. 8. ? 12. 16. ? 20. ?

> 51. % 6. : 11. P 16. @

2. ; 7. E 12. > 17. <

3. 8. A 13. 18.

4. 9. ( 14. 19. &5. B 10. C 15. D 20. *