32.A cash collection of P5,000 from customer’s open account was recorded as P500.

The

error had been discovered when nominal accounts were still open. The correcting entry

would require a

a. P4,500 debit to accounts receivable c. P500 credit to accounts receivable

b. P4,500 debit to cash d. P500 credit to cash

33. A sale of merchandise on account of P3,200 was recorded as P2,300. The error had

been discovered when nominal accounts were already closed. The correcting would

require a

a. P900 debit to cash. c. P900 debit to sale

b. P900 debit to accounts receivable d. P900 credit to accounts receivable

34. A collection of P5,000 notes receivable, plus P500 interest income was recorded as debit

to cash P5,500 and credit to notes receivable P5,500. The error had been discovered

when nominal accounts were still open. The correcting entry would require a

a. P500 debit to cash. c. P500 credit to cash

b. P500 debit to accounts receivable d. P500 credit to interest income

35.The accrued interest on a 12%, 60-day note of a customer dated December 1, 2006 with

a face value of P100,000 was not taken up as of December 31, 2004. The collection of

the note, which matured on January 31, 2007, was recorded as

Cash 102,000

Notes receivable 100,000

Interest Income 2,000

The error was discovered after collection. The correcting entry would require a

a. P2,000 debit to cash.

b. P2,000 debit to accrued interest receivable

c. P1,000 debit to interest income

d. P2,000 credit to interest income