On December 31, 2021, Utilities expense for the year as appropriately reported in the statement of comprehensive income of Kwek-Kwek Inc. is P117,000. The statement of financial position as of December 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilities during 2021 were P108,000 which were fully charged to Utilities expense. The company appropriately prepared a reversing entry on January 1, 2021. Which of the following is the correct adjusting entry related to the utilities in 2021? A. Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000 B. Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000 C. Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000 D. Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000
On December 31, 2021, Utilities expense for the year as appropriately reported in the statement of comprehensive income of Kwek-Kwek Inc. is P117,000. The statement of financial position as of December 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilities during 2021 were P108,000 which were fully charged to Utilities expense. The company appropriately prepared a reversing entry on January 1, 2021. Which of the following is the correct adjusting entry related to the utilities in 2021? A. Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000 B. Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000 C. Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000 D. Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000
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
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
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On December 31, 2021, Utilities expense for the year as appropriately reported in the statement of comprehensive income of Kwek-Kwek Inc. is P117,000. The
Which of the following is the correct
A. Dr. Utilities Expense- P9,000; Cr. Utilities Payable- P9,000
B. Dr. Utilities Payable- P9,000; Cr. Utilities Expense- P9,000
C. Dr. Utilities Expense- P18,000; Cr. Utilities Payable- P18,000
D. Dr. Utilities Payable- P18,000; Cr. Utilities Expense- P18,000
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