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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 to P1,400,000 and the liabilities decreased by P250,000. How much is the total Owner's equi the end of the year? (1 Point) * Enter your answer 29 Statement I: Company Bee applies the accrual concept if revenue is recorded when products are delivered and services are rendered, even though cash has not yet been received. Statement FI: Mr. Bean applies the concept of matching principle when he does not list h personal house as an asset on the Statement of Financial Position. * (1 Point) True, True False, False True, False False, True 30 If the beginning balance of Accounts Receivable account amounts to P250,000, and during the month have total debit postings of P500,000 and total credit postings of P400,000, what is the ending balance * (1 Point) P250,000 P150,000 P350,000 P750,000 Beginning balances: Assel = P250,000 Liabilities = 75,000 Owner's Equity = 175,000 During the year, Mugunghwa Kkoci Pieot Seumnida (MKPS) Company, generated a Net Income of P68,000. In addition, the owner withdrawn 7,500 for his personal use. Determine the Owner's Equity balance at the end of the year. (1 Point) Enter your answer 32 The purpose of closing entries is to transfer: (1 Point) Accounts receivable to retained earnings when an account is fully paid. Balances in temporary accounts to a permanent account. Inventory to cost of goods sold when merchandise is sold. Assets and liabilities when operations are discontinued