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CEMA

This document contains multiple accounting assessments involving journal entries, calculations of expenses, revenues, and asset values. It provides accounting transactions and solutions for items like interest receivable, utilities payable, prepaid rent, depreciation of equipment, and calculation of unearned revenues. The assessments allow practicing accounting concepts like preparing journal entries, calculating expenses and revenues, and determining asset values over time.

Uploaded by

Raymond Veridiano Bernal
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
37 views8 pages

CEMA

This document contains multiple accounting assessments involving journal entries, calculations of expenses, revenues, and asset values. It provides accounting transactions and solutions for items like interest receivable, utilities payable, prepaid rent, depreciation of equipment, and calculation of unearned revenues. The assessments allow practicing accounting concepts like preparing journal entries, calculating expenses and revenues, and determining asset values over time.

Uploaded by

Raymond Veridiano Bernal
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1/ 8

ASSESSMENT TASK 5 - 1

ITEMS REVENUE EXPENSES ASSETS LIABILITIE OWNER’S


S S EQUITY

1. 1. U 2. O

2. 3. O 4. NE

5. 5. U 6. O

7. 7. NE 8. O

9. 9. U 10. O

ASSESSMENT TASK 5 - 2

1. Interest Expense P 35 625


Interest Payable P 35 625

SOLUTION:
₱285,000 ( 0.15) (10/12)
= ₱ 3,562

2. NOMINAL

Advertising Expense 19,800


Repairs Expense 2,000
Utilities Expense 4,860
Accounts payable 26,660

REAL
Advertising Expense 19,800
Accounts payable 19,800

Repairs Expense 2,000


Accounts payable 2,000
Utilities Expense 4,860
Utilities payable 4,860

3. Salaries Expense 35 000


Salaries Payable 35 000

SOLUTION : No solutionneeded

4. Accounts Receivable 75 000


Service Revenues 75 000

SOLUTION : No solutionneeded

5. Interest Receivable 27 000


Interest Income 27 000

SOLUTION
₱45,000(0.09)(8/12)
= ₱27,000

ASSESSMENT TASK 5 - 3
1. Deferred Revenue P 42 000
Revenue P 42 000

SOLUTION : No solutionneeded

2. Supplies Expense 6 920


Supplies 6 920

SOLUTION : No solutionneeded

3. Insurance Expense 3 500


Prepaid Insurance 3 500

SOLUTION : No solutionneeded

4. Interest Receivable 7 875


Interest Income 7 875

90
(
SOLUTION : 175 000× 18 % ×
360 )
5. Mortgage Loan 599 104
Mortgage Loan Payable 599 104

6. Accounts Receivable 34 000


Unearned Revenues 34 000

SOLUTION : ( 8 500 × 4 )

7. a Subscription Expense 43 500


Unearned Subscription Revenue 43 500

b Subscription Expense 87 725


Unearned Subscription Revenue 87 725
c Subscription Expense 96 525
Unearned Subscription Revenue 96 525

8. Depreciation Expense - Equipment 13 500


Accumulated Depreciation Expense 13 500

Cost of an Asset−Salvage Value


Useful life ( years)

SOLUTION : ( 75 000−7 500


5 years )

9. Depreciation Expense - Vehicle 212 750


Accumulated Depreciation Expense 212 750

Cost of an Asset−Salvage Value


Useful life ( years)

SOLUTION : ( 1 850 000−148


8 years
000
)
Depreciation Expense - Vehicle 244 662. 5
Accumulated Depreciation Expense 244 662. 5

Cost of an Asset−Salvage Value


Useful life ( years)

SOLUTION : ( 2 127 500−170


8 years
200
)
10. Depreciation Expense - Furniture and Fixtures 27 000
Accumulated Depreciation Expense 27 000
Cost of an Asset−Salvage Value
Useful life ( years)

SOLUTION : ( 248 000−5


9 years
000
)

ASSESSMENT TASK 5 - 4

Account Title Debit Credit

Accounts Receivable P435,000

Notes Receivable 90,000

Equipment 125,000

Furniture and Fixtures 36,000

Prepaid Rent 21,000

Allowance for Doubtful


Accounts

Accumulated Depreciation
- Equipment

Accumulated Depreciation
– Furniture and Fixtures

Interest Receivable

Notes Payable 57,000

Utilities Payable

Salaries Payable

Unearned Service 240,000


Revenue

Interest Payable

Interest Income

Insurance Expense 45,000


Interest Expense

Depreciation Expense

Doubtful Accounts
Expense

1. Utilities Expense P 4 950


Utilities Payable P 4 950

SOLUTION :3 700+1 250=4 950

2. Salaries Expense 22 720


Salaries Payable 22 720

SOLUTION : No solutionneeded

3. Interest Receivable 1 500


Interest Income 1 500

50
(
SOLUTION : 90 000 ×12 % ×
360 )
4. Interest Expense 1 485. 16
Interest Payable 1 485. 16

67
(
SOLUTION : 57 000× 14 % ×
360 )
5. Rent Expense 7 000
Prepaid Rent 7 000

Asset method:
Unused Used

21 000 7 000

6. Insurance Expense 45 000


Prepaid Insurance 45 000

Asset method:

Unused Used

45 000 45 000

7. Unearned Revenues 192 000


Service Revenues 192 000

SOLUTION : ( 240 000 ×80 % )

8. Doubtful Accounts 17 400


Allowance for Doubtful Accounts 17 400

SOLUTION : ( 435 000 × 4 % )

9. Depreciation Expense - Equipment 15 000


Accumulated Depreciation Expense 15 000

Cost of an Asset−Salvage Value


Useful life ( years)

9
SOLUTION : ( 125 000−5
6 years
000
) X
12
10. Depreciation Expense - furniture and fixtures 5 500
Accumulated Depreciation Expense 5 500

Cost of an Asset−Salvage Value


Useful life ( years)

SOLUTION : ( 36 000−3
4 years
000
) X
8
12

ADDITIONAL REQUIREMENTS:

1. 105 000
SOLUTION : ( 125 000−20 000 )

2. 27 750
SOLUTION : ( 36 000−8 250 )

3. 417 600
SOLUTION : ( 435 000−17 400 )

4. 14 000
SOLUTION : ( 21 000−7 000 )

5. 48 000
SOLUTION : ( 240 000−192 000 )

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