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please answer all the questions immediately thankyou 57 Michael Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, Freight Prepaid. Entry of Jason if
please answer all the questions immediately thankyou
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: * (1 Point) Debit purchases P7,500 and credit accounts payable P7 500. O Debit purchases P7,500, 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 O Debit purchases P7.500, debit freight in P500. credit cash P500 and credit accounts payable P7,500. 63 An unearned revenue can best be described as an amount * (1 Point) collected and currently matched with expenses. collected but not currently matched with expenses. not collected but currently matched with expenses. not collected and not currently matched with expenses. 64 Purchasing supplies for cash* mm (1 Point) Decreases assets and liabilities Does not affect total assets Increases assets and liabilities Increase assets anbidecrease liabilities nbidecrea 65 Paper used by printing houses in publishing novels are * (1 Point) O Direct Material; Conversion Cost Direct Material; Prime Cost Indirect Material; Prime Cost Indirect Material: Period Cost 66 In which of the following scenario will the supplier be issuing a credit memo? (1 Point) Granting Trade discount to buyer Granting of allowance to buyer for defective merchandise Granting of volume discount All of the above 73 sk Wages of Assembly line workers are (1 Point) w O Prime Cost: Indirect Labor Prime Cost: Period Cost Conversion Cost; Direct Cost O Conversion Cost: Indirect CostStep by Step Solution
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