Quiz3 - QUIZ PDF

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NAME: Pr of e s s or :

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Instruction: Identify the normal balances of the accounts and state how the accounts are increased or decreased (e.g., debit or credit). Type of account Normal balance Increase Decrease 1. Asset 2. Liability 3. Equity 4. Income 5. Expense MULTIPLE CHOICE 1. At the beginning of the period, a business has a cash balance of ₱ 20,000. During the period, total cash collections and total cash payments amounted to ₱ 100,000 and₱70,000, respectively. How much is the ending balance of cash? a. 10,000 b. 30,000 c. 50,000 d. 70,000 2. At the beginning of the period, a business has accounts payable of ₱ 200,000. During the period, the total debits and credits to the accounts payable account were ₱ 100,000 and₱70,000, respectively. How much is the ending balance of accounts payable? a. 230,000 b. 170,000 c. 370,000 d. 30,000 3. At the beginning of the period, the owner’s capital account of a business has a balance of ₱ 220,000. During the period, the total debits and credits to that account were ₱60,000 and₱ 70,000, respectively. How much is the ending balance of the owner’s capital account? a. 230,000 b. 210,000 c. 350,000 d. 90,000 4. If the ending balance of accounts receivable is ₱ 100,000 and the total debits and credits to that account during period were ₱ 60,000 and ₱ 40,000, respectively, the beginning balance must be a. 0 b. 20,000 c. 80,000 d. 120,000 5. The equipment of ABC Co. has a historical cost of ₱ 500,000 and an accumulated depreciation of ₱ 120,000. How much is the carrying amount of the equipment? a. 620,000 b. 500,000 c. 480,000 d. 380,000 6. At the beginning of the period, Kylie had a cash balance of ₱ 15,000. Kylie had total cash collections of ₱ 8,000 and total cash payments of ₱ 5,000 during the period. The ending balance of cash is a. 10,000 b. 18,000 c. 3,000 d. 28,000 7. If the beginning balance of accounts receivable was₱ 23,000 and the total debits and total credits to the account during the period were ₱ 10,000 and 12,000, respectively, the ending balance of accounts receivable would be a. 45,000 b. 15,000 c. 25,000 d. 21,000 8. If the beginning balance of accounts payable was₱ 30,000 and the total debits and total credits to the account during the period were ₱ 20,000 and 15,000, respectively, the ending balance of accounts payable would be a. 25,000 b. 35,000 c. 65,000 d. 0

9. If Philip has a ₱ 15,000 notes payable at the beginning and, during the period, hepaid a ₱5,000 notes payable, how much is the ending balance of Philip’s notes payable account? a. 10,000 b. 20,000 c. 5,000 d. 15,000...