Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month:
Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The following transactions occurred during the month:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Exercise 13.. Debit or Credit
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
10.
Received cash payment of P3,000 for
a. Account debited
services provided on account in No. 7
b. Account credited](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53df7d1a-b639-4338-b8db-d588d9e5392e%2F56998c91-9f09-4594-a7fc-899b7abfa4e0%2F9yytm28_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 13.. Debit or Credit
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
10.
Received cash payment of P3,000 for
a. Account debited
services provided on account in No. 7
b. Account credited
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