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Which of the following statements regarding the

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9. Which Of the following statements regarding the double-entry system is incorrect?a. An increase in asset means a credit entry in assets account. b. A decrease in liabilitymeans a debit entry in liabilities account. c. An increase in drawings means a debit entry incapital account. d. A decrease in non-current asset means a credit entry in assets account.
10. Which of the following transactions affects the total value of liabilities of a firm?
11. On Apr. 1, 2019, Jerome Marquez sets up a firm and brings in office equipment of P50,000 andinventory Of P30,000 to the business. Jerome Marquez puts P80,000 into the firm's cash boxand into the firm's bank account. Meanwhile, the firm lends P50,000 cash to SJ and Associatesand borrows P200,000 from the bank to acquire a piece of premises. What is the amount of thefirm's capital on Apr. 1, 2019?
12. Which Of the following is correct if the sole proprietor of an entity borrows P30,000 in the nameof the entity and deposits it into the entity's bank account?
Problem #1Accounting EventsKersey Sampang owns a comic shop called Kersey Manga Cards and works in the shop. For each ofthe following, explain whether it is a transaction to be recorded in the accounting books of thebusiness:a. Sampang took P5,000 from his personal bank account and lent it to his friend, Fatima.b. Sampang deposited P35,000 from his personal bank account into the business bankaccount.c. Sampang sold comic books worth P2,500 from the shop to Alend. The money was deposited intothe business bank account.d. Sampang paid P95,000 from the business bank account for his holiday to Europe.e. Sampang took home P1,000worth of comic books from the shop.

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Term
Spring
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles

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