Quiz 1. Essay 1. Mr. John brought furniture for office using his personal money a. Is the furniture owned by the business? Why? (2 points) b. Will the be considered as a capital contribution of Mr. John? Why? (2 points) c. Will the payment made by Mr. John be considered as a personal expense? (1 point) 2. Mr. Suzuki paid 5000 Japanese yen for the services rendered by D&G travel Agency a. Will D&G travel agency accept the payment? (2 points) b. Will D&G Travel Agency record the payment in Japanese yen or convert it to Philippine pesos before recording? (3 points) 3. Why is it that accounting information must be relevant to financial statement users? (5 points) Quiz 2: Use the Accounting Equation Format to show how to present the following transactions: (15 points) 1. Ms. Agustin invested part of her savings amounting to Php 200,000.00 to a Milktea shop namely "Tea-Best" 2. To start operating, a Milktea equipment was purchased for Php 20,000.00 by paying it immediately 3. A loan amounting to Php 300,000.00 was approved and the amount was used as down payment for an old one-storey building where the business will be located. The owner agreed for an equal installment payment of the balance amounting to Php within 3 years. 4. Supplies needed in the business worth Php 5000 was purchased for cash. 5. Furniture and Fixtures were also purchased worth Php 15,000.00 for office use of the business Quiz 1. Essay 1. Mr. John brought furniture for office using his personal money a. Is the furniture owned by the business? Why? (2 points) b. Will the be considered as a capital contribution of Mr. John? Why? (2 points) c. Will the payment made by Mr. John be considered as a personal expense? (1 point) 2. Mr. Suzuki paid 5000 Japanese yen for the services rendered by D&G travel Agency a. Will D&G travel agency accept the payment? (2 points) b. Will D&G Travel Agency record the payment in Japanese yen or convert it to Philippine pesos before recording? (3 points) 3. Why is it that accounting information must be relevant to financial statement users? (5 points) Quiz 2: Use the Accounting Equation Format to show how to present the following transactions: (15 points) 1. Ms. Agustin invested part of her savings amounting to Php 200,000.00 to a Milktea shop namely "Tea-Best" 2. To start operating, a Milktea equipment was purchased for Php 20,000.00 by paying it immediately 3. A loan amounting to Php 300,000.00 was approved and the amount was used as down payment for an old one-storey building where the business will be located. The owner agreed for an equal installment payment of the balance amounting to Php within 3 years. 4. Supplies needed in the business worth Php 5000 was purchased for cash. 5. Furniture and Fixtures were also purchased worth Php 15,000.00 for office use of the business