9 Questions
What is the total amount of current assets for MinJung Café & Restaurant?
$435,400
What is the total amount of non-current assets for MinJung Café & Restaurant?
$245,000
What is the total amount of liabilities for MinJung Café & Restaurant?
$45,000
What is the total non-current assets after depreciation?
P46,500
What is the total liabilities?
P349,500
What is the purpose of adjusting the net realizable value of accounts receivable from P43,500 to P40,000?
To record a loss on revaluation of accounts receivable
What is the purpose of the first adjusting entry in Chang's books?
To write off bad accounts
What is the purpose of the second adjusting entry in Chang's books?
To recognize an allowance for doubtful accounts
What is the purpose of the third adjusting entry in Chang's books?
To accrue interest on Notes Payable
Test your knowledge of partnership formation accounting with this quiz. The quiz covers topics such as depreciation, total non-current assets, accounts payable, notes payable, and owner's equity.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
