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439 It is defined as a process of recording, dassifying and summarizing transactions and events which are financial in nature and interpreting the results thereof. (1 Point) Accounting Economics Bookeeping Business 44 During 2021, Mugunghwa Kkoci Pieot Seumnida (MKPS) Company generated a total of P286,000 revenue from customizing the sizes of regular glass and fiber glass. Based on the experience of the company, 2% of the total sales may not be collected. Beginning balance of Accounts Receivable and Allowance for Doubtful Accounts are P150,000 and 3,500, respectively On December 31, 2021, how much is the total Bad Debts Expense? (1 Point) Enter your answer 45 Mugunghwa Kkoci Pieot Seumnida (MKPS) Company beginning data are as follows: Asset = P750,000 Owner's Equity = P300,000 During the year, MKPS Company purchased an equipment worth P55,000 on account. In addition, MKPSCompany borrowed P27,500 in BDOBPI bank. Before year ends, the company paid half of the equipment bought on account. How much is the liability at the end of the year? (1 Point) Enter your answer Mugunghwa Kkochi Pieot Seumnida (MKPS) Compariy provides you the following details at the beginning of the beginning of the month: Cash = P50,000 Accounts Receivable = P25,000 Supplies = P12,000 Accounts Payable = P37,000 During the month, the following transactions occurred: Bought an equipment for Cash, P13,000 - Collected cash from MKPS receivable, P10,000 Owner withdrawn P2,000 for personal use. - Interviewed additional staff during last day of the month. The owner offered him P10,900 monthly salary. -P monthly rental, P3,000 - Total Revenue for the month, P180,000. (Cash, P80,000; Accounts Receivable, P100,000) What is the total amount of Accounts Receivable at the end of the month? (1 Point) Enter your answer La 47 The foilowing balances came from the books of Mugunghwa Kkochi Pieot Seumnida (W.KPS) Company, Repair Income = P275,000 Referral Income = 15,000 Interest Income = 450 Upon creating one of the closing entries required, how much should be debited to Income Summary account to close the following revenues? (1 Point) Enter your