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What expense accounts correspond exactly to the amounts

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Problem 1: After all adjusting entries are posted, the balances of all asset, liability, income, and expense accounts correspond exactly to the amounts in the

a. financial statements.

b. unadjusted trial balance.

c. worksheet trial balance.

d. post-closing trial balance.

Problem 2: A P5,000 purchase on account was made. The entry to record the payment on account after the expiration of the 2% discount period would include a

a. credit to Accounts Payable for P4,900.

b. credit to Cash for P4,900.

c. debit to Accounts Payable for P5,000.

d. debit to Purchases Discounts for P100.

Reference no: EM132739246

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