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Problem 1: During February 2018, its first month of operations, the owner of RR Enterprises invested cash of P25,000. RR had cash revenues of P4,000 and paid expenses of P7,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28?
Option 1: P18,000 credit
Option 2: P3,000 credit
Option 3: P22,000 debit
Option 4: P29,000 debit
Problem 2: Accumulated Depreciation is
Option 1: a liability account.
Option 2: an expense account.
Option 3: an owner's equity account.
Option 4: a contra asset account.
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