Exercise 13.. Debit or CreditSophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The followingtransactions occurred during the month:Instruction: For each of the following transactions, indicate the account debited or credited and thecorresponding amount.AccountAmount1Lacson invested P100,000 cash in thea. Account debitedCash100,000businessb. Account creditedLacson,100,000CapitalRent Expense2Paid P5,000 for office rent for thea. Account debited5,000month.b. Account creditedCash5,0003Purchased P1,500 of supplies ona. Account debitedaccount.b. Account credited4.Paid P3,000 to advertise on the radio.a. Account debitedb. Account credited5.Received P6,000 for services provided.a. Account debitedb. Account credited6.Withdrew P8,000 for personal use.a. Account debitedb. Account credited7.Performed P7,000 of services ona. Account debitedaccount.b. Account credited8.Paid P5,000 for employee salaries.a. Account debitedb. Account credited9.Paid for supplies purchased in No.3a. Account debitedb. Account credited10.Received cash payment of P3,000 fora. Account debitedservices provided on account in No. 7b. Account credited

The balance sheet shows the financial position of the company that involves the assets, liabilities,…

Answered: Sophie Lacson started her own…

Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month:

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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