BOOKKEEPING REVIEW_1ST QTR

Ms. A, the owner of a spa and salon shop rendered a service to various customers amounting to Php 7, 550. What will be the effect of the transaction in the Liability account?

• No effect

• Increase

• Decrease

Ms. A, the owner of a spa and salon shop rendered a service to various customers amounting to Php 7, 550. What will be the effect of the business transaction?

• Increase in Asset, Cash Php 7,550 and Increase in Owner's Equity, Ms. A Capital Php 7,550

• Increase in Asset, Accounts Receivable Php 7,550 and Increase in Owner's Equity, Ms. A Capital Php 7,550

• Increase in Asset, Cash Php 7,550 and Decease in Owner's Equity, Ms. A Capital Php 7,550

Ms. A, collected the payment 50% from the receivables of Php 7,550 from their clients. How much is the amount collected?

• Php 3,775

• Php 3,757

• Php 7,550

• Php 7,505

Ms. A, collected the payment 50% from the receivables of Php 7,550 from their clients. What account title under Asset will Increase?

• Cash

• Accounts Receivable

• Accounts Payable

• Ms. A Capital

Ms. A, collected the payment 50% from the receivables of Php 7,550 from their clients. What will be the effect of the business transaction?

• Increase in Asset, Cash Php 3,775 and Decrease in Asset, Accounts Receivable Php 3,775

• Increase in Asset, Cash Php 3,775 and Decrease in Asset, Accounts Payable Php 3,775

• Decrease in Asset, Cash Php 3,775 and Decrease in Owner's Equity, Ms. A Capital Php 3,775

• Decrease in Asset, Accounts Receivable Php 3,757 and Increase in Asset, Cash Php 3,757

Ms. A purchased salon equipment amounting to Php 45, 600, paying only 60% and the balance is on account. How much is the total payment made by Ms. A?

• Php 27,360

• Php 45,600

• Php 18,240

• no payment was made

Ms. A purchased salon equipment amounting to Php 45, 600, paying only 60% and the balance is on account. How much is the total liability of Ms. A?

• Php 27,360

• Php 45,600

• Php 18,240

• There is no liability

Ms. A purchased salon equipment amounting to Php 45, 600, paying only 60% and the balance is on account. What are the account titles that will be affected?

• Cash, Accounts Payable and Salon Equipment

• Cash, Accounts Receivable and Equipment

• Accounts Payable and Salon Equipment

• Cash and Salon Equipment

Previous Transaction: Ms. A purchased salon equipment amounting to Php 45, 600, paying only 60% and the balance is on account.

Ms. A issued a promissory note for the remaining balance unpaid in the previous transaction. What account title under Liability will increase?

• Notes Payable

• Accounts Payable

• Mortgage Payable

• Bonds Payable

Previous Transaction: Ms. A purchased salon equipment amounting to Php 45, 600, paying only 60% and the balance is on account.

Ms. A issued a promissory note for the remaining balance unpaid in the previous transaction. What will be the effect of the business transaction?

• Decrease in Liability, Accounts Payable Php 18,240 and Increase in Liability, Notes Payable Php 18,240

• Decrease in Liability, Notes Payable Php 18,420 and Increase in Accounts Payable, Php 18,420

• Increase in Liability, Accounts Payable Php 45,600 and Decrease in Liability Php 45,600

• Decrease in Liability, Accoutns Payable Php 45,600 and Decrease in Asset, Cash Php 45,600