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2. Which of the following errors will cause a trial balance to be out of balance? 6. Gross profit equals the difference between net sales and Net Income Operating Expenses A debit to Office Equipment is incorrectly debited to Office Supplies. The bookkeeper forgot to journalize a transaction. The bookkeeper forgot to post a journal entry to the ledger A credit was posted to an account as a debit Cost of Goods Sold plus Operating Expenses Cost of Goods Sold Other: Other: 1. Accounting has often been called the language of business. In what respects would you agree with this description? 3. A company had the following balance sheet accounts and balances: Accounts Payable PHP 24.000 Cash PHP 12,000 Accounts Receivable PHP 4,000 Common Stock PHP _? Buildings & Equipment (net) PHP 68,000 Retained Earnings PHP 8,000 What is the balance of the Common Stock account? Your answer PHP 76,000 6. Differentiate Equity based on the different forms of business organizations.* PHP 68,000 PHP 60,000 Your answer O PHP 52,000 Other: Request edit access