NAME: ____________________________ GRADE: __________ DATE: ________________________ QUIZ 1- FINAL PERIOD ACCOUNTING 1J02 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, 2002: SWITIKS COMPUTER RENTAL AND SERVICES Trial Balance December 31, 2004 CashP134,200 Accounts Receivable.321,000 Prepaid Insurance72,000 Supplies...52,000 Prepaid Advertising Expense..85,000 Land1,300,000 Building..1,950,000 Accumulated Depreciation-Bldg156,000 Computer Equipment.310,000 Accumulated Depreciation-Equipment70,000 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, 2002. The books for the year 2003 had already been closed. e. The computer equipment was on November 01, 2002 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 2004 was not yet recorded. g. On February 01, 2004, 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, 2004 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, 2004 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, 2004, 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, 2004 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 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 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 GOOD LUCK Answer key 1. a 2. a 3. d 4. c 5. b 6. b 7. c 8. b 9. c 10. b 11. b 12. b 13. b 14. a 15. a 16. b 17. c 18. e 19. d 20. e 21. a 22. b 23. b 24. a 25. a 26. b 27. a 28. b 29. b 30. Bonus