Reference no: EM132536860

Question 1 - The income and expense accounts of Parducho are listed below:

Advertising expense 163,000

Commissions expense 475,000

Office supplies expense 27,000

Real estate revenues 1,250,000

Rent expense 48,000

Salaries expense 264,000

Utilities expense 42,000

Depreciation expense 5,000

What is the amount of net income (net loss)?

Question 2 - Using the data in Problem 7 to compute problem 8. Parduchohas a capital balance of P123,000. During the month, he invested an additional P16,000 in the business and withdrew P250,000. What is the capital balance of Parducho at the end of the month?

Question 3 - What is the closing entry for Salaries Expense with a balance of P300,000?