a. Account debitedAccountCashAmount100,0001Lacson invested P100,000 cash in thebusinessb. Account creditedLacson,100,0002CapitalRent Expense 5,000Paid PS,000 for office rent for thea. Account debitedmanth.b. Account creditedCash5,0003Purchased P1,500 of supplies ona. Account debitedaccount.b. Account crediteda. Account debitedb. Account crediteda. Account debitedb. Account creditedPaid P3,000 to advertise on the radio.5.Received P6,000 for services provided.

Name: a. Account debitedAccountCashAmount100,0001Lacson invested P100,000 c
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Description: a. Account debitedAccountCashAmount100,0001Lacson invested P100,000 cash in thebusinessb. Account creditedLacson,100,0002CapitalRent Expense 5,000Paid PS,000 for office rent for thea. Account debitedmanth.b. Account creditedCash5,0003Purchased P1,50

Business

Accounting

Account Amount Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, Capital Rent Expense 5,000 100,000 2 Paid PS,000 for office rent for the a. Account debited month b. Account credited a. Account debited Cash 5,000 Purchased P1,500 of supplies on account. b. Account credited Paid P3,000 to advertise on the radio, a. Account debited b. Account credited

Account Amount Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Account credited Lacson, Capital Rent Expense 5,000 100,000 2 Paid PS,000 for office rent for the a. Account debited month b. Account credited a. Account debited Cash 5,000 Purchased P1,500 of supplies on account. b. Account credited Paid P3,000 to advertise on the radio, a. Account debited b. Account credited

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal entries.
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Journalize the following transactions and prepare cash account 1 Started business with 50,000, paid into Bank * 20,000.2 Bought furniture for 5,000 and machinery for * 10,000.3 Purchased goods for * 14,000.6 Sold goods for * 8,000.8 Purchased goods from Malhotra & Co. * 11,000.10 Paid telephone rent for the year by cheque * 500.11 Bought one typewriter for 2,100 from Universal Typewriter Co. on credit.15 Sold goods to Keshav Ram for 12,000.17 Sold goods to Rajesh Kumar for 2,000 for cash.19 Amount withdrawn from bank for personal use * 1,500.20 Withdrew from bank for business use 3,500.
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Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
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Activity 4: journalize the following transactions