The "Allowance for sales discounts" account may be used under Select the correct response: O Net method Gross method or Net method Gross method Allowance method

16. Which of the following is a contra account? a. Sales discounts b. Purchase returns and allowances c. Allowance for doubtful accounts d. All of the above

Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C. Credit memo D. Invoice

Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv

Q.2.1 Complete the table below by indicating for each account if the balance will be debit or credit and if it is classified as a non-current orcurrent asset, non-current or current liabilityYou are required to redraft the table in your assignment.(14)Name of account Dr/CrBalanceNon-currentassetCurrentassetNon-currentliabilityCurrentliabilityIncome Expense ProprietaryaccountsE.g. Land &BuildingsDebit XAdvertisingCreditors controlInterest on savingaccountCapitalFurnitureCash floatMortgage loan

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QUESTION 1 Merchandise inventory is classified on the balance sheet as a a. long-term asset b. current liability c. current asset O d. long-term liability

Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable

Part II. Record the following transactions on the general journal using double-entry bookkeeping. Oct. 1 - Rey Fernan Refozar, CPA, obtained the funds to start his own business by withdrawing P800,000 from his personal savings. He deposited the money in a new bank account that he opened in the name of the firm, Refozar Accounting Services. The office is managed by Jiexel Manongsong, CPA, MBA. Oct. 3 – Manongsong bought a computer, a copy machine, a fax machine, calculators and other necessary equipment from M. Medina Inc., at cost of P100,000. M. Medina Inc., agreed to allow 60 days for the firm to pay the bill. Oct. 4 – Manongsong placed an order for toner, fax pens, folders and other supplies that had a total cost of P20,000. The entity that sold the items, Cavite Supplies, Inc., requires cash payments from businesses that are under six months old. Refozar Accounting Services therefore issued a check to pay for the items. Oct. 9 – Manongsong decided to pay P40,000 to M. Medina Inc.,…

The classification and normal balance of the sales discount account would be A. expense and debit B. revenue and credit C. contra revenue and debit D. asset and debit