please answer all the questions immediately thankyou

- 58 An accountant has debited an asset account for P1,400 and credited a liability account for P500. What can be done to complete the recording of transaction? * (1 Point) Nothing further can be done Debit an owner's equity account for P900 Debit another asset account for P900 Credit a different asset for P900 59 Which of the following statement is incorrect? (i Point) Income Staternent reports the Financial position of the business and is also called profit or loss statement os statement of earnings. Statement of Changes in Owner's Equity is a report which explains the activities for a period of time that caused the owner's equity to change. Statement of cash flows shows what caused the change in cash. This statement shows three kinds of activities: Financing, operating and investing. Statement of financial position, shows how healthy or robust the enterprise is when it shows a listing of the accumulated resources owned and a listing of the accumulated liabilities owned by the enterprise. 60 (I Point) Using the following information of Muqunghwa Kkochi Pieot Seumnida (MKPS) Company! how much is the total Current Assets Accounts Notes Receivable (Payment after 18 months) Accounts Receivable Furniture and Fixtures Office Supplies Cash Office Equipment Inventories Land Building Total Assets Amounts 15,000 12,000 10,000 500 21,500 33,100 20,000 10,000 3,000 125,100 P. P53,500 P86,500 P54,000 P87,000 61 If total liabilities decreased by P60,000 and owner's equity increased by P30,000 during a period of time, then total assets must change by what amount and direction during that same period? * (1 Point) P90,000 decrease P30,000 decrease P30,000 increase P90,600 increase 62 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 beginning of the year? (1 Point) Enter your