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If the balance of the Lang Capital account was P210,000, what would be the balance of building  account?

If the balance of the Lang Capital account was P210,000, what would be the balance of building  account?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 If the balance of the Lang Capital account was P210,000, what would be the balance of building 
account? 

11:35 .l .l 3.00 KB/S A @ 36 ACCTG 1- POST T... FIDELIS SENIOR HIGH 22. Which of the following events does not require an entity in journal form? a. Payment for a service performed previously b. Purchase of one-year insurance policy c. Agreement to perform a service at a future date d. Performance of a service agreed at a past date 23. Deferred revenues should be reported as a. Income on the income statement b. Contributed capital on the balance sheet c. Liabilities on the balance sheet d. Expense on the income statement Items 24 – 28 is based on the following information Laban Lang Company had the following balance sheet accounts and balances: Accounts Payable P60,000 10,000 Accounts Receivable Building Cash Equipment Lang, Capital Land 30,000 70,000 ? 70,000 24. If the balance of the Lang Capital account was P210,000, what would be the bala account? a. P250,000 b. P40,000 c. P90,000 d. P210,000 25. If the balance of the Building account was P170,000, what would be the total owner's equity? a. P170,000 b. P270,000 c. P320,000 d. P350,000 26. If the balance of the Building account was P150,000 and the equipment was so what would be the total of owner's equity? a. P150,000 b. P160,000 c. P270,000 d. P230,000
Transcribed Image Text:11:35 .l .l 3.00 KB/S A @ 36 ACCTG 1- POST T... FIDELIS SENIOR HIGH 22. Which of the following events does not require an entity in journal form? a. Payment for a service performed previously b. Purchase of one-year insurance policy c. Agreement to perform a service at a future date d. Performance of a service agreed at a past date 23. Deferred revenues should be reported as a. Income on the income statement b. Contributed capital on the balance sheet c. Liabilities on the balance sheet d. Expense on the income statement Items 24 – 28 is based on the following information Laban Lang Company had the following balance sheet accounts and balances: Accounts Payable P60,000 10,000 Accounts Receivable Building Cash Equipment Lang, Capital Land 30,000 70,000 ? 70,000 24. If the balance of the Lang Capital account was P210,000, what would be the bala account? a. P250,000 b. P40,000 c. P90,000 d. P210,000 25. If the balance of the Building account was P170,000, what would be the total owner's equity? a. P170,000 b. P270,000 c. P320,000 d. P350,000 26. If the balance of the Building account was P150,000 and the equipment was so what would be the total of owner's equity? a. P150,000 b. P160,000 c. P270,000 d. P230,000
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