An equipment that costs P 100, 000 has a depreciation value of P 50, 000. How much is its carrying value?

Accounts Receivable has a balance of P 10, 000. It is estimated that 2% of this will be uncollectible. How much is the allowance for bad debts?

Which part of the trial balance is incorrect?

Which of the two entries should be reversed?

This step would require the temporary accounts to have zero balances.

 It provides information about real accounts.

What prepayment method should be employed if the business would need to update the USED part of the account?

How should the expense accounts be arranged in the income statement?

An informal tool that helps the accountant in preparation of the financial 

          statements.