Choose a letter and show your solution. 5. The trial balance of Jeong Company had accounts with the following normal balances: Cash P5,000, Service Revenue P85,000, Salaries and Wages Payable P4,000, Salaries and Wages Expense P40,000, Rent Expense P10,000, Owner's Capital P42,000, Owner's Drawings P15,000, and Equipment P61,000. In preparing a trial balance, the total in the debit column is: a. P131,000 b. P216,000 C.P91,000 d. P116,000 6. A credit sale of P750 is made on June 13, terms 2/10,net/30. A return of P50 is granted on June 16. The amount received as payment in full on June 23 is: a. P700. b. P686. c. P685. d. P650. 7. If net sales are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000, the gross profit is: P30,000 b. P90,000 P340,000 d. P400,000 a. C. c. 8. If beginning inventory is P60,000, cost of goods purchased is P380,000, and ending inventory is P50,000, cost of goods sold is: a. P390,000 b. P370,000 P330,000 d. P420,000 9. Unearned Revenues was P6,000 at the end of February and P7,500 at the end of March Services Revenues was P42,000 for the month of March. How much cash was received for services provided during March? a. P55,500 b. P40,500 c. P28,500 d. P43,500 10. Assuming that net purchases was P900,000 during the year and that ending merchandise inventory was P20,000 less than the beginning merchandise inventory of P250,000, how much was cost of goods sold? a. P1,130,000 b. P670,000 C.P920,000 d. P1,170,000 11. Erwan Marcus Traders purchased merchandise from San Jose Suppliers for P3,600 list price, subject to a trade discount of 25%. The goods were purchased on terms of 2/10, n/30, FOB Destination, Marcus paid P100 transportation costs. Marcus returned P400 (list prices of the merchandise to San Jose and later paid the amount due within the discount period. The amount paid is a. P2,254 b.P2,252 C.P2,246 d.P2,352 12. The total sales was P1,000,000 of which sales on cash basis amounted to P400,000. The policy of the business is to provide 2% of credit sales as bad debts expense. How much is the bad debts expense? a. P28,000 b.P8,000 c.P20,000 d.P12,000 13. The net book value of the property at the start of the year is P480, 000. The depreciation rate is 2% per year. The net book value at the end of the year is P470, 000. If there are no additions and disposals of assets, how much is the recognized depreciation expense? a. P470,000 b.P9,400 C.P9,600 d.P10,000 14. The 90-day interest bearing note amounting to P50,000 was issued on November 30, 2019. The prevailing interest rate is 12% per annum. How much is the accrued interest as of Dec 31, 2019? a. P500 b.P6,000 C.P1,500 d.P2,000 15. The beginning balance of unused supplies is P500. During the period the total purchases of supplies amounted to P2,000 initially recorded as asset. At the end of the period, the actual unused supplies amounted to P200. How much is the supplies expense to be reported for the period? a. P1,500 b.P1,300 C.P2,246 d.P2,300