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Multiple Choice is a device used to periodically test the equality of debits and credits as recorded in the ledger accounts. trial balance debit balance O account balance Multiple Choice The difference between total debits and credits in the accounts is called debit balance account title O account balance True or False Freight out is an operating expense O True O False Multiple Choice Pacman opened an advertising agency by investing the following: Cash P150,000 Office equipment P55,000 Old car P90,000 Land P275,000 Building P1,200,000 What is the total Pacman's capital? P1.77M O P1.715M P1.565M True or False The main difference of a merchandising business from a servicing business is the existence of merchandise inventory O True O False Multiple Choice Examples of this type of transaction are selling services or merchandise to customers, collecting claims from customers, and paying to suppliers. external transactions internal transactions special transactions Multiple Choice is a document which serves as an evidence of an act of placing money in the custody of a bank or banker, to be withdrawn at the will of the depositor or under rules or regulations agreed upon. O promissory note check O bank deposit slip Multiple Choice Mr. E issued an interest-bearing promissory note as consultancy fee to R Consultancy. The consultancy fee is P1,000,000. The note is payable within 6 months and bears an interest rate of 18% per year. How much is the note payable to be recorded? O P1.018M O P1.18M OP1M Multiple Choice is a document that serves to recognize a liability and authorize the disbursement of cash through the use of petty cash fund O check O petty cash voucher check voucher Multiple Choice is an accounting book that is used to initially record business transactions and events. O Ledger O Memorandum O Journal