Homework Help is Here – Start Your Trial Now!
Business
Accounting
= For each transaction, state the accounts to be debited and accounts to be credited with their corresponding amount. Complete the table below. write your anşwers on a separate sheet ol paper. De bit Credit Amount

= For each transaction, state the accounts to be debited and accounts to be credited with their corresponding amount. Complete the table below. write your anşwers on a separate sheet ol paper. De bit Credit Amount

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

State the accounts to be debited and accounts to be credited 

be credited with their corresponding amount. Complete the table below. Directions: For each transaction, state the accounts to be debited and accounts ↑ to write your anşwers on a separate sheet of paper. De bit Credit Amount 1 2 3 4 6. 7 8 10 Romeo Masigasig is an event planner. The transactions that he had in his business were: 1. He invested P110,000 in cash to start his own business. 2. He paid P5,100 monthly rent. 3. He bought furniture for the office for P15,000 cash. 4. He paid for the laptop computer worth P54,000. 5. He performed services for P12,000 in cash. 6. He performed services for P10,800 on credit. 7. He bought a fax machine for P7,500. 8. He received P5,400 from clients on account. 9. He paid P10,000 for salaries. 10. He withdrew P4,500 cash for personal use.
Transcribed Image Text:be credited with their corresponding amount. Complete the table below. Directions: For each transaction, state the accounts to be debited and accounts ↑ to write your anşwers on a separate sheet of paper. De bit Credit Amount 1 2 3 4 6. 7 8 10 Romeo Masigasig is an event planner. The transactions that he had in his business were: 1. He invested P110,000 in cash to start his own business. 2. He paid P5,100 monthly rent. 3. He bought furniture for the office for P15,000 cash. 4. He paid for the laptop computer worth P54,000. 5. He performed services for P12,000 in cash. 6. He performed services for P10,800 on credit. 7. He bought a fax machine for P7,500. 8. He received P5,400 from clients on account. 9. He paid P10,000 for salaries. 10. He withdrew P4,500 cash for personal use.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS