Partnership Formation Accounting Quiz

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Questions and Answers

What is the total amount of current assets for MinJung Café & Restaurant?

  • $435,400 (correct)
  • $228,400
  • $473,400
  • $311,000

What is the total amount of non-current assets for MinJung Café & Restaurant?

  • $245,000 (correct)
  • $473,400
  • $311,000
  • $435,400

What is the total amount of liabilities for MinJung Café & Restaurant?

  • $45,000 (correct)
  • $228,400
  • $311,000
  • $120,000

What is the total non-current assets after depreciation?

<p>P46,500 (B)</p> Signup and view all the answers

What is the total liabilities?

<p>P349,500 (D)</p> Signup and view all the answers

What is the purpose of adjusting the net realizable value of accounts receivable from P43,500 to P40,000?

<p>To record a loss on revaluation of accounts receivable (D)</p> Signup and view all the answers

What is the purpose of the first adjusting entry in Chang's books?

<p>To write off bad accounts (B)</p> Signup and view all the answers

What is the purpose of the second adjusting entry in Chang's books?

<p>To recognize an allowance for doubtful accounts (A)</p> Signup and view all the answers

What is the purpose of the third adjusting entry in Chang's books?

<p>To accrue interest on Notes Payable (C)</p> Signup and view all the answers

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