1. On July 1, 2019, the Lost Angels Lakers took a P100,000 loan from DDS Bank. The loan and its related interest is payable in 2 years with an annual rate of 30%. How much is the accrued interest payable in 2020?

a. 60,000

b. 30,000

c. 15,000

d. 45,000

2. The following errors were made in preparing a trial balance:

The P2,000 balance of inventory was omitted

The P800 balance of prepaid insurance was listed as a credit

The P1,000 balance of salaries expense was listed as utilities expense

The P500 balance of service revenue was recorded twice

Income tax expense of P300 was recorded as P330

The debit and credit totals of the trial balance would differ by?

a.3,300

b.4,070

c.4,100

d.3,270