Accounting Quiz

Paid the monthly rental of the space P2,000. What is the debit title?

He began the practice of law by investing P30 000 cash and a law library worth P150 000. Paid P3 000 for the business permit. How much is the owner’s capital?

On November 15, 2019 Malou Co purchased office supplies, P100 000. At the end of the year record shows that 25% worth of supplies have been used. How much is the unused amount?

How much is the depreciation cost of a delivery van worth P800,000 with an estimated useful life of 10 years?

Data: Stockholder’s contribution P200 000 Gains from selling old furniture P5000 Accounts payable P10 000

Acquisition of PPE P100 000 withdrawals P5000 mortgage payable P30 000 cash receipts P100 000

Accounts receivable P10 000. From the data, what is the total operating activity under cash flows?

The data of Zen Merchandise: Zen capital P70 000, Sales P15 600, Salaries P3000, Drawing P20 000, Depreciation P500, Purchases P7350, Utilities P3000. How much is the changes in equity?

Mr. Lou Co of ABC Merchandise generated gross sales of P5,000,000.00. 40% of it is the standard deduction. He has 6 dependents. Accounts are given below.

Cost of goods sold P1,750,000 Freight out P1,000

Salaries 500,000 Utilities 10,000

Depreciation 300,000