1. Which of the following accounts has a normal debit balance?

Current Assets Non Current Assets Current Liabilities Owner's Equity

2. A credit is either an increase or decrease

increases expenses decreases liabilities increases income decreases capital

3. Gasoline and oil used for delivery truck is an example of Expense Asset Liability Equipment

4. The journal entry on the part of the buyer to record payment of P15,000 freight under FOB shipping point, Freight Collect is

Debit Freight In P15,000 Credit Cash P15,000 Debit Freight Out P 15,000 Credit Accounts Receivable P15,000 Debit Freight In P15,000 Credit Accounts Receivable P15,000 No journal entry is necessary

5. The business is a variety store selling toys, etc . A doll with a cost price of P1,000 with a sales price of P3,000 was deleted from the shelf because the owner took it home. What amount will be debited to the drawing account?

6. A truck was purchased from Bulacan with a list price of P500,000. Terms offered P450,000 if paid in cash, P550,000 if paid after 30 days. If the buyer chose to pay after 30 days ,how much will be the amount debited to TRUCK Account?

7. The assets of the business at the start of the month is P1,000,000 and the owner's equity is P800,000. Equipment worth P500,000were purchased during the month of which only P150,000 were paid for. At the end of the month, owner's equity will become

8. The following cash transactions occurred during the month of May. Collection from customers P50,000 in cash and P150,000 in checks . Payments for various expenses , P20,000 in cash, and P10,000 in checks. Deposits to the bank P10,000 in cash and P100,000 in checks. How much is the CASH in BANK account?

9. At the beginning of the year, the liabilities of Caltex Station amounted to P120,000 but it decreased by P50,000 during the year. The assets increased by P160,000 during the year and the end of the year amounted to P360,000. The owner's equity at the beginning of the period is?