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When Leonardo Bucaycay started a business, he invested P15,000 cash plus some land that had a fair market value of P23, 000. Also the business assumed responsibility for note payable for P18, 000 that was issued to finance the purchase of the land. In recording Bucaycay's investment, the entry will consist of Two debits and one credit Debits that total P38,000 and credits that total P33,000 One debit and one credit Two debits and two credits The total assets of X firm is P350, 000 of which P50,000 is accounts receivable. Subsequently, P22, 500 of accounts receivable was collected. What is the new balance of its total assets? P400,000 P337,500 O P322, 500 P350,000 Question 18 The information below is taken from the records of the Lanister Enterprise: P175,000 50,000 505, 000 Salary Expense Rent Expense Consulting fees Lanister, Drawings Utilities Expense Prepaid Supplies 45,000 85,000 55,000 What is the correct amount of the net income? OP195,000 P95,000 O P280,000 O P140,000 The following are accounts taken from the books of Tiger Advertising Agency. Cash P725,000 Accounts receivable 40,000 Notes receivable 10,000 Prepaid rent 24,000 Office Equipment 44,000 Furniture and Fixtures 34, 000 Supplies 4, 200 Accounts Payable 263, 000 Notes payable 17,000 How much is the owner's equity of the company? OP1, 161,200 P601,200 P577.200 O P501,200 Question 23 1 pts Wowie Company uses a perpetual inventory system. Wowie purchased merchandise from Nhowie at a cost of P19,500 payable at time of delivery. The entry to record the delivery would be O DR. Merchandise Inventory CR. Cash 19,500 19,500 DR. Purchases CR. Accounts Payable 19,500 19,500 O DR. Purchases CR. Cash 19,500 19,500 DR. Merchandise Inventory CR Accounts Payable 19,500 19,500