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WorksheetsBOOKKEEPING REVIEW_1ST QTR
Total questions: 10
Worksheet time: 2mins
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
