2.) The total owner’s equity of De leon Servicing amounts to P250,000 and the total liabilities are 150,000. How much is the total assets if P50,000 was withdrawn by the owner for his personal use?

3.) The total owner’s equity of Chrisjaika Enterprises are P900,000 representing 30% of the total assets. How much is the amount of its total liabilities?

4.) The Supplies asset account began the year with a balance of P1,900. During the year, supplies in the amount of P4,900 were purchased. At the end of the year the inventory of supplies on hand was P220. The supplies expense to be reported for the period is

5.) An equipment was acquired by La Fuerza Company on March 31,2020. The acquisition cost for the equipment is P150,000 with a scrap value of P30,000. The equipment is estimated to have a useful life of five years. The annual depreciation would be

6.) On October 1, 2020, Paracale Pension House received in advance a rent income of P60,000 covering a period of one year. On December 31, 2020, an adjusting entry is prepared. Using the liability method, the amount to be debited as Unearned rent will be

7.) Langrio Company received P9,600 on April 1, 2018 for one year's rent in advance and recorded the transaction with a credit to a nominal account. The December 31, 2018 adjusting entry is

8.) If during the accounting period the assets increased by P 14,000 and equity increased by P 4,000, then how did liabilities change?

9.) University of Makati sold season tickets for the 2020 football season for P160,000. A total of 8 games will be played during September, October, and November. In September, three games were played. The adjusting journal entry at September 30 will debit

10.) Mortel Inc. purchased 12-month insurance policy on March 1, 2020 for P9,000. At March 31, 2020, the adjusting entry to record expiration of this asset will include a credit

11.) Beginning and ending Accounts Receivable balances were P28,000 and P24,000, respectively. If collections from clients during the period were P80,000, then total services rendered on account were apparently

12.) On January 1, 2020,Idanan acquired a computer with an invoice price of P47,000 and transportation cost and installation cost of P1,000 and P2,000 respectively. The computer is intended for office use. It was estimated to have a useful life of 5 years and a salvage value of P5,000. How much is the total acquisition cost?

13.) Beginning capital was P 10,000. Withdrawals were

P24,000. The owner made additional investments during year of P 60,000. Effected stock split 2:1 during the year. The ending capital balance was P90,000. What was the net income or net loss for the period?

14.) What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, P15,500, and unexpired amounts per analysis of policies, P4,500?

15.) Tribuntante Company shows the following balances: Sales P125,000; Sales Allowances P9,000; Sales returns P6,000; and Sales Discounts P3,300. What is the amount of net sales?

16.) Mary Joe’s Market recorded the following events involving a recent purchase of merchandise: Received goods for P50,000, terms 2/10, n/30. Returned P1,000 of the shipment for credit. Paid P250 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory

17.) A credit sale of P800 is made on April 25, terms 2/10, n/30, on which a return of P50 is granted on April 28. What amount is received as payment in full on May 4?

18.) Resuello Company shows the following balances: Sales P1,000,000; Sales Returns and Allowances 180,000; Sales Discounts 20,000; Cost of Goods Sold 560,000. What is the gross profit percentage?

19.) At the beginning of September, 2020 Judith Company reported Merchandise Inventory of P4,000. During the month, the company made purchases of P7,800. At September 30, 2020, a physical count of inventory reported P3,200 on hand. Cost of goods sold for the month is

20.) During the year, Siang Lee’s Pet Shop’s merchandise inventory decreased by P20,000. If the company’s cost of goods sold for the year was P300,000, purchases must have been?