The amount an entity paid to acquire the depreciable asset.

The number of periods that an entity can make use of the asset

The amount that the asset can be probably sold at the end of its estimated useful life.

How to compute depreciation

It is a contra-asset account used in recording the amount of depreciation of an asset.

If you will not record the adjustments for depreciation the value of the particular asset will be overstated 

Accountants estimate the percentage of receivables which may be considered doubtful.

It refers to the amount of accounts receivable that is estimated as uncollectible and as recognized as an expense in the current accounting period.

It is a contra-asset account used to record the amount of doubtful accounts considered as a deduction to the total accounts receivable.

If you will not record the adjustments for doubtful accounts assets will be overstated.

Case 1: Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. How much is the Depreciation per month.

Case 1: Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. How much is the Depreciation total depreciation by the end of the year?

Case 1: Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. What account must be debited?

Case 1: Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. What account must be credited?

Case 1: Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. How much is the asset cost?

Case 1: Paid P160,000 cash to purchase a delivery van (surplus) on Jan. 1. The van was expected to have a 3-year life and a P10,000 salvage value. How much would be the cost of the asset after it reached its expected life?

Case No. 2: Based on experience, 2% of the outstanding Accounts Receivable amounting to P2,000,000 of Orani Service Company is considered doubtful. How much would be the adjusting entry for uncollectible accounts for the year ended December 31, 2019.

Case No. 2: Based on experience, 2% of the outstanding Accounts Receivable amounting to P2,000,000 of Orani Service Company is considered doubtful. What account would be debited ?

Case No. 2: Based on experience, 2% of the outstanding Accounts Receivable amounting to P2,000,000 of Orani Service Company is considered doubtful. How much would be the adjusting entry for uncollectible accounts for the year ended December 31, 2019.

Case No. 2: Based on experience, 2% of the outstanding Accounts Receivable amounting to P2,000,000 of Orani Service Company is considered doubtful. What account would be credited?

On January 1, 2017, equipment costing P600,000 has a useful life of five years with a P60,000 salvage value at the end of five years.  How much is the depreciation for the month?

On January 1, 2017, equipment costing P600,000 has a useful life of five years with a P60,000 salvage value at the end of five years.  How much is the depreciation at the end of the year?

On January 1, 2017, equipment costing P600,000 has a useful life of five years with a P60,000 salvage value at the end of five years.  What account is to be debited?

On January 1, 2017, equipment costing P600,000 has a useful life of five years with a P60,000 salvage value at the end of five years.  What account is to be credited?

It shows the financial condition of a business in an accounting period.

It is a Permanent Account.

It is a Temporary Account.

A balance sheet  wherein accounts are listed in a straight column from Assets followed by Liabilities and Equity.

A balance sheet  wherein accounts are listed  with assets on the left side of the page while Liabilities and Owner’s Equity on right side of the page.

It shows the result of operations in an accounting period.

It is a Temporary Account.

Items that are being sold in the store.  Ending merchandise is the item left unsold for the period and becomes the beginning merchandise for the next   period.

The transportation expense incurred by the business from buying merchandise.

It represents the cost of merchandise sold by the business.

It is the series of steps needed in the computation of net income. It   recognize the function of each expense and cost incurred in the selling of merchandise.

It directly deducts expenses in the gross income from services.

It shows the changes made by the owner as a result of additional investment, or withdrawals increased or decreased by net income or loss.

Leila Rodriguez Trading has a beginning capital for the month amounting  P 255,000, an additional investment of P 35,000, and a net income of P 10,000.   Ms. Rodriguez also made withdrawals amounting to P 8,000.   How much is the changes in equity?

It shows the previous month’s balance, the chronological order of the transactions, and the ending balance for the month.

An instrument issued by a person for his/her payment in the purchase of goods or services.