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55 Bernardo Organizers purchased an equipment costing P100,000 on July 1, 2016. The equipment has an estimated useful life of 10 years with an estimated residual value of P10,000. The balance of the Accumulated depreciation account on December 31, 2017 is: * (1 Point) 5,000 13,500 15,000 4.500 54 * Statement 1 - Sale of merchandise on account is recorded in the sales journal Statement 2 - Payment of accounts payable is recorded on cash receipts journal. * (1 Point) True False True True False. True False, False bo 57 Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if freight amounted to P500 is: * m (1 Point) Debit purchases P7.500 and credit accounts payable P7.500. Debit purchases P7500, debit freight in P500 and credit accounts payable P8,000 Debit purchases P7.000, a debit freight in P500 and credit accounts payable. P7.500 Debit purchases P7,500, debit freight in P500. credit cash P500 and credit accounts payable P7.500