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The concept that recognizes the fact that for every peso value received there is always an equal peso value given up is the O Business entity concept O Monetary unit concept

The concept that recognizes the fact that for every peso value received there is always an equal peso value given up is the O Business entity concept O Monetary unit concept

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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The concept that recognizes the fact that for every peso value received there is always an equal peso value given up is the Business entity concept Monetary unit concept Dual-aspect concept Going concern concept JMV Company purchased a computer for P24,000 on December 1. It is estimated that annual depreciation on the computer will be P4,800. If financial statements are to be prepared on December 31, JMV should make which adjusting entry in the year of purchase? a.Debit Depreciation expense, P400; Credit Accumulated Depreciation, P400. b.Debit Depreciation expense, P4,800; Credit Accumulated Depreciation, P4,800. c.Debit Depreciation Expense, P1,920; Credit Accumulated Depreciation, P1,920. d.Debit Office Equipment, P2,400; Credit
Transcribed Image Text:The concept that recognizes the fact that for every peso value received there is always an equal peso value given up is the Business entity concept Monetary unit concept Dual-aspect concept Going concern concept JMV Company purchased a computer for P24,000 on December 1. It is estimated that annual depreciation on the computer will be P4,800. If financial statements are to be prepared on December 31, JMV should make which adjusting entry in the year of purchase? a.Debit Depreciation expense, P400; Credit Accumulated Depreciation, P400. b.Debit Depreciation expense, P4,800; Credit Accumulated Depreciation, P4,800. c.Debit Depreciation Expense, P1,920; Credit Accumulated Depreciation, P1,920. d.Debit Office Equipment, P2,400; Credit
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