Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month: Instruction: For each of the following transactions, indicate the account debited or credited and the corresponding amount. Account Amount 1 Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, 100,000 Capital Rent Expense 2 Paid P5,000 for office rent for the a. Account debited 5,000 month. b. Account credited Cash 5,000 3 Purchased P1,500 of supplies on a. Account debited account. b. Account credited 4. Paid P3,000 to advertise on the radio. a. Account debited b. Account credited 5. Received P6,000 for services provided. a. Account debited b. Account credited 6. Withdrew P8,000 for personal use. a. Account debited b. Account credited 7. Performed P7,000 of services on a. Account debited account. b. Account credited 8. Paid P5,000 for employee salaries. a. Account debited b. Account credited 9. Paid for supplies purchased in No.3 a. Account debited b. Account credited Received cash payment of P3,000 for services provided on account in No. 7 10. a. Account debited b. Account credited

Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month: Instruction: For each of the following transactions, indicate the account debited or credited and the corresponding amount. Account Amount 1 Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, 100,000 Capital Rent Expense 2 Paid P5,000 for office rent for the a. Account debited 5,000 month. b. Account credited Cash 5,000 3 Purchased P1,500 of supplies on a. Account debited account. b. Account credited 4. Paid P3,000 to advertise on the radio. a. Account debited b. Account credited 5. Received P6,000 for services provided. a. Account debited b. Account credited 6. Withdrew P8,000 for personal use. a. Account debited b. Account credited 7. Performed P7,000 of services on a. Account debited account. b. Account credited 8. Paid P5,000 for employee salaries. a. Account debited b. Account credited 9. Paid for supplies purchased in No.3 a. Account debited b. Account credited Received cash payment of P3,000 for services provided on account in No. 7 10. a. Account debited b. Account credited

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 2AP

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