Good day. I really have to answer those questions.

professor left this questions, and he announce the dead line will be on sep 18. please help me. Thank you so much.

one more thing, if you can please send me in email as well, my email address is m..5@naver.com

Thanks,

Allen

Accounting 101 PART 1 Quiz 1 Determine if the account is Asset, Liabilities, Equity, Income, Expense and determine which Financial Statement will the account appear: Statement of Financial Position (SFP), Income Statement (IS) Element Financial Statement (1) Cash (2) Accounts Payable (3) D. Capital (4) Loans Payable (5) Notes Receivables (6) Inventories (7) Sales (8) Service Income (9) Utilities Expense (10) Supplies Expense (11) Inventories (12) Accounts Receivables (13) Prepaid Expense (14) Unearned Income (15) Accrued Expense - Quiz 2 Accounting Equation. Identify the missing item in the equation. 1. The assets of Lee Company are P120,000 and the liabilities are P30,000. What is the amount of the owner's equity? 2. A real estate agency has liabilities of P530,000 and owner's equity of P410,000. What is the total assets? 3. The assets of Ellice are P240,000 and the owner's equity is P50,000. What is the amount of the liabilities? 4. The liabilities of Lea Bakeshop equal 1/5 of the total assets. The owner's equity is P40,000. What is the amount of liabilities? 5. At the beginning of the year, Lebron Internet Caf's assets were P45,000, and its equity was P25,000. During the year, assets were increased by P30,000 and liabilities increased by P5,000. What was the owner's equity at the end of the year? 6. At the beginning of the year, Gian Travel had liabilities of P50,000 and owner's equity of P96,000. If assets increased by P40,000 and liabilities decreased by P30,000, what was the owner's equity at the end of the year? 7. Bill, a grocer, had assets as listed: Cash, P5,000; Merchandise Inventory, P35,165; Furniture and Fixtures, P15,280; Store Equipment, P12,800. The only liability is Accounts Payable P38,600. What was his total owner's equity? 8. Total assets of Harold Hercules equal P1,800,000 and owner has a 80% interest over it. What is the amount of his liabilities? 9. Gia opened a travel agency by investing cash of P50,000 and a car worth P750,000. She also borrowed P100,000 from the bank for use in her business. What is the amount of total equity? 10. Total assets of Moon River Co. amounts to P2,550,000 and total liabilities of P1,020,000. What is the percentage of the total equity as to the total assets (Round to nearest whole number) EXAM Part I. True or False 1. Accounting is a service activity. Its function is to provide quantitative information about economic entities that is intended to be useful in making economic decisions. 2. Accounting is often characterized as the language of business 3. A partnership is always owned by two individuals. 4. A separate legal entity organized in accordance with codes and laws and in which ownership is divided into shares of stock is referred to as a partnership. 5. The time period concept requires all companies to use an accounting period ending December 31. 6. Asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise. 7. Assets can be found in the income statement 8. Accounts Receivable is an example of liability account. 9. From the accounting viewpoint, the sole proprietorship is generally distinct from its proprietor. There are instances that the proprietor's personal financial statements are considered in the sole proprietorship. 10. A corporation is a business owned by its stockholders. 11. Unit of Measure is stating assets and liabilities and changes in them in terms of a common financial denominator is a prerequisite in measuring financial position and periodic net income. 12. Going concern assumes that the business is a continuing concern or that it has an indefinite existence. 13. When a company uses cash basis method of accounting, the company will record an income when it rendered service on account. 14. Income is the residual interest in the assets of the enterprise after deducting all its liabilities. 15. Cost concept is a principle that assets should be recorded based on cash which is the amount exchanged at the time purchase or equal to cash basis if no amount was exchanged at the time of acquisition. Part II. Identification 1. These users need financial information because they have interest in information about the continuance of an enterprise, especially when they have a long-term involvement with, or are dependent on, the enterprise 2. The components of the balance sheet are ____________, ________________, _________________. 3. This financial statement shows the income and expenses of the company 4. These users are interested on the return on their investment and determine whether they should invest further, or sell their investment 5. This is a type of business organization wherein two or more persons bind themselves to contribute money, property, industry to a common fund with the intention of dividing the profits among themselves. 6. This business document is issued when a company collected cash from its customers for the services rendered. 7. This user of financial statements wants to know first where you are going to use the money, whether the project you presented is feasible or not and whether you will be able to pay the loan on its due date. 8. Identify the accounting principle applied in the situation. Melvin Balbi owns both A+ Gym and Bayside Restaurant. In recording the assets, Melvin makes sure that the assets of A+ Gym are kept separate from the assets of Bayside. 9. Identify the accounting principle. All business transactions are measured and recorded using only one unit of measure. 10. This principle requires that financial data entered in the records must be verifiable and substantiated by documents such as invoices, vouchers or official receipts. 11. This is a type of business activity that companies purchase goods that are ready for sale and then sell these to customers 12. In the time concept of accounting, this is a twelve month accounting period that ends other than December 31. 13. This business document is issued by the company to the customer for service rendered or merchandise given for which payment is demandable. 14. These users are interested in information about the ability of the enterprise to provide salaries, retirement benefits and job security. 15. The business activity that companies buy raw materials, convert them into products and then sell the products to other companies or to final consumers. Part III. Accounting Equation (2 points each) 1. At the beginning of the year, Cio's assets were P45,000, and its equity was P25,000. During the year, assets were increased by P30,000 and liabilities increased by P5,000. What was the owner's equity at the end of the year? 2. Total assets of Justin Su equal P2,000,000 and owner has a 70% interest over it. What is the amount of his liabilities? 3. Gerry had assets as listed: Cash, P5,000; Merchandise Inventory, P40,000; Furniture and Fixtures, P15,000; Store Equipment, P12,000. The only liability is Accounts Payable P40,000. What was his total assets? 4 . Bing opened a dental clinic by investing cash of P50,000. She also borrowed P100,000 from the bank for use in her business. She purchased office equipment in cash amount to P25,000. What is the amount of total assets? 5. The liabilities of G Corp. equal 1/3 of the total assets, and the owner's equity is P480,000. What is the amount of liabilities? Part IV. Prepare Financial Worksheet 10/1 Jack Gaspar invested P200,000 cash as initial capital and formed JG. JG is engaged in rendering accounting services 10/3 Borrowed cash from the bank, P38,800.00 10/10 Purchased office supplies to Rose Office Supply on account amounting to P19,100.00 10/15 Paid for Furniture and Fixtures, P21,500 and Office Equipment set amounting to P20,000 to Jack's Appliances 10/20 Bought vehicle amounting to P267,000.00. The company paid P40,000.00 cash and the balance is through loan. 10/25 Partially paid Rose Office Supply for the office supplies purchased, P6,100.00 10/31 Withdraw P2,000 from the business for personal use Requirements: Prepare a Financial Worksheet (use the following accounts: Cash, Office Supplies, Furniture and Fixtures, Office Equipment, Vehicle, Accounts Payable, Loans Payable Gaspar, Capital Special Class Accounting 101 PART 2 Quiz 1 True or False (10 points) 1. The normal balance of any account refers to the side of the account - debit or credit - where increases are recorded 2. Liability's normal balance is on debit side. 3. Cash loaned from a bank constitutes income 4. Notes to financial statements include narrative descriptions or more detailed analyses of amounts shown on the face of the balance sheet, income statement, cash flow statement and statement of changes in equity. 5. A cash acquisition of a laptop computer vehicle will cause total assets to increase 6. Payment of a liability will not affect total assets but will cause total liabilities to decrease. 7. Statement of Financial Position shows the income and expenses of the company. 8. Journal entry is prepared to verify the equality of debits and credits in the ledger at the end of each accounting period at any time the postings are updated 9. A credit entry decreases the balance of asset account 10. Assets are the obligations of the company that need to be settled. Quiz 2 Multiple Choice (10 Points) 1. A debit will increase _______________, but decrease ______________. a.accounts payable; owner's capital b. .accounts receivable; accounts payable c. d. revenues; accounts payable owner's capital; prepaid insurance 2. In the accounting equation, an increase in asset can be associated with a. an increase in a liability b. a decrease in owner's equity c. a decrease in liability d. none of the above 3. The accounting cycle is a. The length of time it takes to complete a set of financial statement after the books are closed b. a process that begins with adjusting entries and ends with the preparation of the financial statements c. applicable only to manual systems, not to computerized systems d. the sequence of procedures used by a business to process economic information and to produce financial statements. 4. Transactions are recorded chronologically in the a. journal c. daybook b. T-account d. ledger 5. The Owner's Capital column had a beginning total of P60,000 and an ending total of P110,000. If the owner withdrew P20,000 during the period for personal use, net income must have been: a. P70,000. c. P170,000. b. P50,000. d. P80,000. 6. A proprietorship business with total owner's equity of P65,000 paid a P15,000 business debt. As a result of this transaction, total owner's equity: a. increased to P65,000. c. decreased by P15,000. b. increased by P15,000. d. did not change. 7. After a business transaction has been analyzed and entered in a journal, the next step in the recording process is to transfer the information to: a.general ledger c. the company's bank. b.owner's equity. d. financial statements. 8. A proprietorship business with total assets of P65,000 paid a P15,000 equipment. As a result of this transaction, total assets: a. increased to P65,000. c. decreased by P15,000. b. increased by P15,000. d. did not change. 9. A proprietorship business with total sales of P150,000 paid a P30,000 rent. As a result of this transaction, net income: a. increased to P150,000. c. decreased by P30,000. b. increased by P30,000. d. did not change. 10. A proprietorship business with total assets of P150,000 collected a P30,000 receivable. As a result of this transaction, total assets: a. increased to P150,000. c. decreased by P30,000. b. increased by P30,000. d. did not change. FINAL EXAM Questions: I. Multiple Choice 1. Which of the following correctly identifies normal balances of accounts? a. Assets - Debit Liabilities - Credit Revenues - Debit Expenses - Credit Equity - Credit b. Assets - Debit Liabilities - Credit Revenues - Credit Expenses - Credit Equity - Credit c. Assets - Credit Liabilities - Debit Revenues - Credit Expense - Debit Equity - Debit d. Assets - Debit Revenues - Credit Liabilities - Credit Expenses - Debit Equity - Credit 2. The procedure of transferring journal entries to the ledger accounts is called. a. journalizing. b. analyzing. c. reporting. d. posting. 3. The accounting equation for Juan's Colombian Restaurant is as follows: Assets $500,000 Liabilties = $200,000 Equity + $300,000 If Juan's purchases kitchen equipment on account for $20,000, the accounting equation will change to: Assets Liabilties Equity a. $520,000 = $220,000 + $300,000 b. $480,000 = $180,000 + $300,000 c. $500,000 = $220,000 + $280,000 d. $480,000 = $200,000 + $280,000 4. A debit will increase _______________ and ____________________ a. accounts payable; owner's capital b. accounts receivable; salaries expense c. revenues; accounts payable d. owner's capital; prepaid insurance 5. If Billy's Bus Service purchases office equipment on account for $5,000, then a. assets and liabilities both decrease by $5,000. b. equity increases by $5,000. c. assets increase by $5,000 and liabilities decrease by $5,000. d. assets and liabilities both increase by $5,000 III. Problem Solving Prepare Journal Entries (9 points), Post to Ledger (9 points) and Prepare Trial Balance (7 points). Use the following accounts: Cash, Accounts Receivable, Office Supplies, Furniture and fixtures, Accounts Payable, De Leon, Capital, Service Income, Salaries Expense, Water Expense January 2 Roberto De Leon invested P200,000 cash as initial capital and formed his own Management Consultancy named \"RDL Management Consulting\" January 4 Purchased office supplies to Sally Lim Supplies on account amounting to P18,000.00 January 6 Rendered consulting service for Gerry Company and billed P31,000.00 January 10 Bought Furniture and Fixtures amounting to P57,000.00 in cash January 13 Collection of receivable from Gerry Company, 11,000.00 January 19 Cash received from Mike Terry for the service rendered, P15,000.00 January 25 Paid salaries, 15,000.00 January 26 Received a statement of account Maynilad for use of water, P5,000 January 31 Paid half of the Maynilad billing received last January 26 IV. Prepare Income Statement (4 points), Statement of Changes in Equity (3 points) and Statement of Financial Position (8 points)