NC ABM WEEK2 PRETEST - ACCOUNTING PRINCIPLES

NC ABM WEEK2 PRETEST - ACCOUNTING PRINCIPLES | Quizalize

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Jerry started his pet shop called Furry Petshop. He opened a bank account for his business and deposited PHP500,000, The petshop earned PHP50,000 but she had doubts with the recorded expenses of PHP100,000. He is not sure if he should include the following items as expenses.
Salary Expense PHP20,000
Rent Expense PHP10,000
Utilities expense (at home) PHP15,000
Utilities expense (at the store) PHP10,000
Insurance Expense PHP5,000
Personal Motorcycle PHP30,000
Computer for business use PHP10,000
TOTAL PHP100,000
What do you think is the total expense for his petshop? Explain your answer.
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Jerry started his pet shop called Furry Petshop. He opened a bank account for his business and deposited PHP500,000, The petshop earned PHP50,000 but she had doubts with the recorded expenses of PHP100,000. He is not sure if he should include the following items as expenses.

Salary Expense PHP20,000

Rent Expense PHP10,000

Utilities expense (at home) PHP15,000

Utilities expense (at the store) PHP10,000

Insurance Expense PHP5,000

Personal Motorcycle PHP30,000

Computer for business use PHP10,000

TOTAL PHP100,000

What do you think is the total expense for his petshop? Explain your answer.

30 sec

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