59. Presented below is the adjusted trial balance of an Entity for the year ended December 31, 2020: * Entity A Adjusted Trail Balance December 31, 2021 Account Titles Cash in Bank Accounts Receivable Debit Credit P 78,000 35,000 Estimated Uncollectible Account P 480 Unused Supplies Merchandise Inventory, Jan. 1 Accounts Payable Entity, Capital Entity, Drawing 2,500 10,000 13,000 46,500 15,000 Sales 168,500 Purchases Salaries Expense Supplies Used Rent Expense 70,000 15,000 480 2,500 P228, 480 P229, 480 Total Note: Merchandise Inventory, End is PS, 000. In preparing a Post-Closing Trial Balance, the total debits and credits is A. P107,500 O B. P120,500 C. P140,500 D. P145,500

59. Presented below is the adjusted trial balance of an Entity for the year ended December 31, 2020: * Entity A Adjusted Trail Balance December 31, 2021 Account Titles Cash in Bank Accounts Receivable Debit Credit P 78,000 35,000 Estimated Uncollectible Account P 480 Unused Supplies Merchandise Inventory, Jan. 1 Accounts Payable Entity, Capital Entity, Drawing 2,500 10,000 13,000 46,500 15,000 Sales 168,500 Purchases Salaries Expense Supplies Used Rent Expense 70,000 15,000 480 2,500 P228, 480 P229, 480 Total Note: Merchandise Inventory, End is PS, 000. In preparing a Post-Closing Trial Balance, the total debits and credits is A. P107,500 O B. P120,500 C. P140,500 D. P145,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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