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True or False In a merchandising business, the main source of revenue or income is the sale of merchandise O True O False Multiple Choice Mr. I received an interest-bearing note for selling a machine amounting to P200,000. The note has an interest rate of 10% per year payable in 6 months. After 2 months, Mr. I discounted the notes to the bank for a 15% discount. How much is the notes receivable to be recorded? P200,000 O P180,000 O P100,000 Multiple Choice Cash Debit : 4,750 Credit: 3,650 Office equipment Debit: 7,500 Credit: 0 Dong, Capital Debit: 0 Credit: 5,400 Store supplies Debit: 400 Credit: 0 Accounts payable Debit: 1,200 Credit: 4,800 How much is the capital? 9,000 O 5,400 O 5,300 True or False Sales return will decrease the total net sales for the period O True O False Multiple Choice Refer to occurrences that affect any of the basic accounting elements. O business transactions O accounting events O special events True or False The gross profit from sale is equal to sales minus cost of sales O True O False Multiple Choice Purchased office supplies, P1,000 and additional office equipment, P7,000 on credits. What is the total credited cash? P8,000 P1,000 True or False Manual accounting system is better for audit paper trail O True O False Multiple Choice are evidential matters, forms, or legal/official papers that serve to support the underlying economic transactions recorded in the accounting books. O journal books Source documents accounting ledgers Multiple Choice is the value parted with or value given in a transaction. Debit O Credit