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please answer all the questions immediately thankyou always 13 Statement 1: If purchased of supplies was recorded using the asset method and no adjusting entry
please answer all the questions immediately thankyou always
13 Statement 1: If purchased of supplies was recorded using the asset method and no adjusting entry was made, the net income will be understated and the assets will be overstated. Statement 2: If cash received for services to be rendered in the future was recorded by debiting cash and crediting service revenue and no adjustment was made at the end of the period, the net income and revenues for the period will be both understated. (1 Point) * True, True False, False True, False False, True 14 Which error will result in an out of balance trial balance? * (1 Point) A journal entry was not posted A journal entry has overstated debit and credit amounts. A transaction was not recorded. A debit entry was posted to the credit side of the ledger account. 15 The following balances came from the books of Mugunghwa Kkochi Pieot Seumnida (MKPS) Company: Cash = P100,000 Accounts Receivable P20,000 Machinery = 30,000 Accounts Payable = 25,000 Mortgage Payable = 30,000 * How much is the working capital based on the details given? (1 Point) Enter your answer 16 Statement I: Information has the quality of relevance when it is free from material error and bias and can be depended upon by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent. Statement II: Equity is the residual interest in the liabilities of the enterprise after deducting all its assets. * (1 Point) True, True False, Faise True, False False, True 17 On Jan. 1, 2021, the assets of Mugunghwa Kkoci Pieot Seumnida (MKPS). Company were P1,300,000 and the liabilities were P350,000. During the year, the assets increased by P1,400,000 and the liabilities decreased by P250,000. How much is the total Owner's equity at the end of the year? (1 Point) Enter yourStep by Step Solution
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