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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Revenues total P10,200, expenses total P7,300, and the owner's withdrawalk
account has a balance of P2,600. What is the balance in the income summany
account prior to closing net income or net loss?
a. P2,900 debit
b. P300 debit
6.
c. P2,900 credit
d. P300 credit
с.
Post-Closing Trial Balance
Jewel Cherry, capital
Cash
P 54,900
35,200
Accounts receivable
10,900
3,500
Accounts payable
Unearned service revenue
Supplies
Equipment
6,850
1,200
10,600
Land
15,400
Accumulated depreciation
7. Refer to the table; calculate the total amount in the credit column of the post-
closing trial balance.
a. P50,900
b. P73,300
C. P63,700
d. impossible to determine from the given data
8. Using the data in table, the balance in accumulated depreciation must be;
а. Р8,050
b. Р10,200
C. P65,250
d. impossible to determine from the given data
322
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